AI热潮下的资本博弈：从美股三季报到科技泡沫的警钟，博弈的历史总在重演！

Group 1 - The global capital markets experienced significant volatility, particularly in US stocks and cryptocurrencies, marking the beginning of the Q3 earnings season [1] - The performance of technology giants, central to the current "AI narrative," will not only affect their valuations but also significantly influence global capital flows, especially in China's tech sector [1] - The Nasdaq Golden Dragon China Index has rebounded over 25% since its low in 2023, with notable performances from Chinese companies like Xpeng Motors, JD.com, Baidu, and Pinduoduo, driven by AI technology breakthroughs and record high QDII fund sizes [3] Group 2 - Concerns arise regarding whether the high valuations of many AI-related companies are justified, as they are based on optimistic future profit expectations while the commercialization of technology remains in its early stages [4] - External risks persist, particularly for Chinese concept stocks facing audit scrutiny under the US Foreign Companies Accountability Act, which could lead to delisting risks for some companies [4] - The potential impact of a shift in the Federal Reserve's monetary policy is significant, as tightening liquidity could adversely affect high-valuation tech stocks, reminiscent of the 2000 internet bubble burst [4] Group 3 - Chinese investors should be cautious of the "buying the bag" risk, as past incidents like the Luckin Coffee fraud led to massive market losses for investors [6] - In the current AI frenzy, some institutions may inflate stock prices through concept hype, leaving retail investors to bear the losses once they exit [6] - Ordinary investors are advised to remain calm and focus on companies' actual profitability, technological advancements, and governance structures rather than speculative trading [6]