According to the Zhitong Finance APP, Norman Villamin, Chief Investment Officer of Raiffeisen Bank, stated that this year remains the most optimistic for the U.S. stock market. However, after two years of excellent returns, investors should expect lower returns this year and are advised to explore structural opportunities, including AI-related software. Additionally, the bank continues to be bullish on gold, expecting prices to reach $3,000 per ounce this year. Last year's surge in U.S. stocks was mainly driven by AI, but it was clearly concentrated in hardware devices. Villamin believes that the development of AI is similar to the rise of the internet in the past, where the initial phase required everyone to upgrade their hardware, and the next phase involves using software. We are now beginning to transition from the hardware phase, and investors need to adjust their portfolios in line with the development of AI, expanding from solely investing in hardware to include software and applications. The bank expects that Trump's immigration policies will drive up inflation, predicting that U.S. inflation will drop to 2% early this year but rebound in the second half, with a risk of rising to 3% by the end of the year. Therefore, the pace and extent of interest rate cuts will be lower than market expectations, with the Federal Reserve likely pausing rate cuts in the second half of the year. Villamin also stated that investors should actively manage bond risks rather than solely relying on long-term investment-grade bonds; he recommends that investors adopt a high-yield, low-holding period strategy or consider hedge funds for diversification