2 1 Shi Ji Jing Ji Bao Dao·2025-11-09 09:25Group 1: Market Performance - The Nasdaq index experienced a weekly decline of over 3%, marking its worst performance since April, while the S&P 500 index fell by 1.6%, ending a three-week streak of gains [1] - Eight major AI-related companies saw a combined market value loss of approximately $800 billion, with nearly $1 trillion wiped off the market value of U.S. companies associated with artificial intelligence [2] Group 2: AI Market Concerns - There is growing investor concern that the AI "myth" in the U.S. capital markets is unsustainable, as the reliance on building general artificial intelligence (AGI) is costly and lacks a clear development path [4] - A survey indicated that 95% of companies using generative AI have not turned a profit from the technology, suggesting a bubble driven by narrative rather than fundamentals [4] Group 3: Competitive Landscape - The U.S. industry recognizes that nearly half of the global AI talent is from China, which is expected to leverage this talent advantage in the long run [5] - Chinese AI development is characterized by a pragmatic approach focused on industrial applications, contrasting with the U.S. focus on uncertain AGI investments [5] Group 4: Cryptocurrency Market - The cryptocurrency market has erased nearly all gains from the first ten months of the year within just over a month, with Bitcoin dropping below the $100,000 mark [6] - Major cryptocurrencies like Bitcoin and Ethereum saw significant declines in trading volume, with a drop of 40% to 50% in the last 24 hours, leading to over 130,000 liquidations [6][7] Group 5: Institutional Demand - Institutional demand for Bitcoin has fallen below the rate of new coin mining for the first time in seven months, indicating a retreat from large buyers and a shift towards risk aversion [8]