The hidden risks behind the surge in U.S. stocks: without rate cuts, how far can this rally still go? Recently, U.S. stocks have seen a “fast and fierce” rebound, but the market has started to raise questions: if there is no rate-cut support from the United States, can this rise be sustained? This rally is, in essence, more like a technical repair: hedge funds previously cut their positions sharply, and their current passive rebuilding of positions is pushing prices higher—technology stocks, which have higher weightings, have become the main driving force. The problem is that the macro environment has not improved in step: oil prices remain elevated, credit-market performance lags, and there has not been any obvious easing of liquidity.