The US stock market has repeatedly hit new highs this year. Rahul Ghosh, an expert in global stock portfolio investment at Purvis Brothers, stated that factors such as slowing inflation, the Fed's interest rate cut, positive macroeconomic conditions, and steady growth in corporate profits provide support for corporate earnings, which will continue to drive the US stock market. He expects the US stock market to slowly rise in the short term, but investors should also be cautious about the unstable labor market, uncertain government policies, geopolitical tensions, which may continue to cause market fluctuations. He advised investors to focus on large-cap stocks. Additionally, he mentioned that companies' spending on AI may have reached its peak and by 2025 there may be a shift in market focus away from AI or the "big seven" US stocks to other areas. With "Trump 2.0" on the horizon, Rahul Ghosh pointed out that there have been significant changes in the past four years. If Trump implements many of his campaign promises, such as raising tariffs and deregulation, it may lead to inflationary pressure. He further stated that although policies will certainly undergo major changes, high inflation and interest rates may act as balancing factors, keeping policies disciplined. Amid the buzz around artificial intelligence (AI), US stocks have continued to be driven by technology stocks this year. Rahul Ghosh believes that the future trends and market rebounds of these stocks will be determined by whether large companies providing cloud computing services can continue to invest in AI. Purvis Brothers is optimistic about the healthcare, energy, and financial sectors. For example, in healthcare, the new generation of treatment methods and technologies, whether it's GLP1-s or AI-driven screening and analysis, are ushering in a golden age for the healthcare industry. With the Fed's interest rate cut and steepening yield curve, banks are expected to benefit. Additionally, global small-cap stocks have a relatively higher weight in cyclical industries such as finance, non-essential consumer goods, and industrial sectors, making them worth watching.