PANews reported on January 28 that Arthur Hayes expressed his views on social media, questioning the innovation model of the AI project DeepSeek. In addition, Hayes used this to extend his concerns about the high valuation of the US stock market. He mentioned that the current market value of US stocks accounts for 230% of GDP, which is much higher than 175% during the Internet bubble in 2000 and 130% before the Great Depression in 1929. He pointed out that if investors withdraw their funds from US stocks, capital gains tax revenue will decrease, and the US fiscal deficit may further expand to 7%-10%, far exceeding the previously expected 3%.