While the S&P 500 has soared to record levels, driven mainly by the excitement for artificial intelligence on Wall Street, several factors are causing experts to issue warnings of a potential sell-off. Kolanovic believes that the current macro environment, including the delayed impact of the global interest rate shock, erosion of consumer savings, and geopolitical uncertainties, could lead to market declines and increased volatility. Although inflation has cooled from its highs last year, there is still a significant risk that it could rebound due to lingering economic pressures, such as a strong labor market.