Bollcoin reported on October 18, citing Zhitong Finance, that Citi analysts believe AI-driven earnings growth and changes in investor shareholding structure are weakening the traditional link between US Treasury yields and US stock valuations, and that rising rates may have a greater impact on economic growth expectations than on stock valuations. The firm's valuation model shows the S&P 500's fair P/E range is 17.1x to 22.1x, while the current P/E has reached 22.4x, reflecting relatively optimistic market sentiment.