Wall Street's 15 top investment banks have provided a key word for 2026: risk stacking. Amid the overall bullish market outlook, multiple uncertainties are hidden.

From the AI sector perspective, bubble risks are accumulating. Institutions like JPMorgan have issued warnings—the current AI investment boom may be overextended. Many analysts believe that, compared to the already high bubble risks, the potential for new bubbles forming in the future is even more concerning. This means investors need to find a balance between opportunity and frenzy.

There are also hidden dangers at the macro level. Europe's political divisions could hinder economic recovery, and the risk of escalating global trade frictions is rising. In the labor market, Deutsche Bank and Goldman Sachs both emphasize its fragility—just a slight increase in layoffs could lead to upward pressure on unemployment rates. This delicate balance can easily trigger a chain reaction if not handled carefully.

Another important variable is inflation. Some analysts expect that inflation levels will be difficult to return to central bank targets in the coming years. If prices continue to rise, market expectations for the Fed's rate cut cycle could be disrupted—even if the Fed Chair maintains a dovish stance. Moreover, under the intensifying K-shaped economy, consumer polarization is also putting pressure on the market.

The good news is that growth is still ongoing, but the conditions needed to sustain this growth are becoming increasingly stringent.