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Tencent News "First Line"

Author Yang Shi Editor Liu Peng

On August 5, the global capital market ushered in a "Black Monday" under the combined influence of the Bank of Japan's interest rate hike, geopolitical tensions, concerns about the US economic recession and expectations of interest rate cuts. The Japanese stock market, for example, all entered a plunge mode, with the Nikkei 225 index falling 4451.28 points from the previous trading day to 31458.42 points, triggering the circuit breaker mechanism twice, setting a record for the largest drop in history.

That afternoon, Dan Bin, a well-known private equity investor, publicly stated in his WeChat Moments that although the market was "terrible," "I am still prepared to continue buying with the new money I received today." Dan Bin believes that this stock market crash is different from the one in 2008. There is no macroeconomic risk caused by the subprime mortgage crisis. He believes that the interest rate cut cycle and the artificial intelligence revolution will allow the Nasdaq bull market to continue. "This should be a historical cycle of more than ten years."

Dan Bin gave an example, during the Internet bubble era in 2000, some companies had a price-to-earnings ratio of more than 100 times.NvidiaAccording to the latest estimates, this year's P/E ratio is only more than 30 times, and next year's P/E ratio will be close to 20 times. If artificial intelligence is the future, Dan Bin believes that such valuations will not have much room for decline, "even if they fall, they will rise again." Dan Bin also mentioned that Meta and Google both have P/E ratios of about 20 times, onlyMicrosoft、apple、AmazonSlightly higher, but within acceptable limits and nothing to panic about.

U.S. stock data showed that star stocks fell sharply before the market opened, with Nvidia falling 8.2% and Microsoft falling 4.2%.TSMCDown 8%.