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CITIC Securities: The essence of the fluctuation of global risk assets is that risk assets are overly reliant on a single narrative of AI.
On November 23, CITIC Securities research report pointed out that the fluctuation of global risk assets is a liquidity issue, essentially reflecting an over-reliance on a single narrative around AI. When the pace of industrial development (especially commercialization) does not keep up with the rhythm of the Secondary Market, appropriate valuation adjustments can also be a way to alleviate risk. AI broadening commercialization scenarios, hardware cost reductions, and rising financial stability risks forcing the Fed to cut interest rates early may all break the current deadlock. ( Jin10 )