警报拉响，FOMO狂潮席卷，传统避险资产变成赌场，究竟谁能幸免？

Group 1 - The global financial market is experiencing unprecedented euphoria driven by FOMO, with AI as the main catalyst, leading to soaring indices and even traditional safe-haven assets like gold becoming speculative tools [1][7] - AI has become the absolute protagonist of the current market rally, with significant investments from major companies like Nvidia, which announced plans to invest $100 billion in building a super data center for OpenAI, boosting market optimism [3][5] - The valuation of AI stocks has reached extreme levels, with many companies' stock prices reflecting overly optimistic future scenarios, leaving little room for error [5][6] Group 2 - The concentration of trading activity is alarming, with less than 100 shares accounting for 66% of total trading volume in the U.S. stock market in Q3, up from 31% in 2019, indicating a crowded trade environment [6] - Gold prices have surged to a historical high of $3,775.1 per ounce, defying traditional safe-haven behavior and moving in tandem with risk assets like the Nasdaq index and Bitcoin, signaling a breakdown of traditional hedging mechanisms [9][11] - The performance of gold mining stocks has been aggressive, with related ETFs (GDX) rising nearly 100% from their lows, indicating that speculative fervor has permeated even the most conservative sectors [11] Group 3 - The Federal Reserve's recent decision to lower the benchmark interest rate by 25 basis points to a target range of 4.00%-4.25% has led to market confusion, as the stock market did not respond positively and bond yields unexpectedly rose [16][18] - Internal divisions within the Federal Reserve have contributed to market uncertainty, with differing opinions among officials regarding the need for further rate cuts, complicating the clarity of policy signals [18][19] - The current market environment is being compared to 1999, where fundamental analysis has been overshadowed by liquidity and price momentum, with traders focusing solely on price increases [22]