Wu Shuo has learned that Ray Dalio, founder of Bridgewater Associates, stated in his 2025 annual summary that the 2026 U.S. midterm elections could trigger significant political changes, with the Republican Party potentially losing seats in both the Senate and House of Representatives. Current favorable policies are likely to be reversed. Taxes, regulations, and policies could all potentially begin to pressure corporate profits. He pointed out that the depreciation of the U.S. dollar is not merely short-term volatility, but rather a long-term structural trend, with real returns likely to underperform non-USD assets such as gold and the Chinese yuan over the long term. Regarding the U.S. stock market rally, Dalio believes this wave of gains is basically supported by a few major companies in the AI sector. Although these companies are indeed profitable and not part of a false internet bubble, the problem is that current valuations already reflect future expectations.