美银Hartnett：标普AI泡沫太大，黄金与中国股票或是最佳对冲工具

Core Viewpoint - The current market environment, driven by the AI boom, has led to high valuations in the U.S. stock market, prompting Bank of America strategist Michael Hartnett to recommend gold and Chinese stocks as the best hedging tools against potential AI bubble risks [1]. Valuation Concerns - The S&P 500 index's forward P/E ratio has reached 23 times, significantly above the 20-year average of 16 times, indicating overvaluation [2]. - The "Magnificent Seven" tech giants dominate the S&P 500, with a combined weight exceeding one-third and a forward P/E ratio of 31 times, highlighting the valuation concerns within this group [5]. Gold and Chinese Stocks as Diversification Options - Gold is viewed as an effective hedge against future inflation risks, especially in the context of potential economic expansion and loose monetary policy [6]. - Despite a recent record outflow of $7.5 billion from global gold funds, the rationale for gold as a hedging tool remains valid [6]. - Chinese stocks have significantly outperformed the S&P 500 this year, with the MSCI China Index soaring by 33%, driven by optimism regarding China's competitiveness in generative AI [9].