CITIC Securities: The volatility of global risky assets is essentially due to their over-reliance on a single narrative surrounding AI.

According to Mars Finance, a research report from CITIC Securities on November 23rd pointed out that the volatility of global risky assets appears to be a liquidity issue, but its essence lies in the over-reliance of risky assets on the single narrative of AI. When the speed of industry development (especially commercialization) cannot keep up with the pace of the secondary market, appropriate valuation adjustments are also a way to alleviate risks. The expansion of AI's commercialization scenarios, cost reductions in hardware, and rising financial stability risks forcing the Federal Reserve to cut interest rates earlier than expected could all break the current deadlock. (Jinshi)