According to CoinMeta, JPMorgan Chase warns that the U.S. stock market is at risk of a pullback from late summer to early autumn, with the internal structure of the market deteriorating and funds shifting towards defensive assets. JPMorgan Chase strategist Jason Hunter pointed out that the current trading boom in AI shares bears similarities to the tech bubble of 1999 to 2000, with excessive concentration of holdings in the tech sector increasing the risk of adjustments. Rising yields on U.S. Treasury bonds, geopolitical tensions in the Middle East, and slowing consumer spending are putting pressure on the market. JPMorgan Chase believes that in the short term, market valuations, capital congestion, and investor expectations pose risks of volatility for tech stocks.