巨佬再挽留：不要急着下车！

Core Viewpoint - The market is witnessing a resurgence in AI investment, with significant movements in related ETFs and stocks, despite concerns about high valuations and potential market instability [5][6][8]. Group 1: Market Performance - The Hang Seng Technology Index fell nearly 2%, while the A-share CPO sector surged, with companies like Zhongji Xuchuang, Dekeli, and Tianfu Communication reaching new highs [1]. - AI-related ETFs performed strongly, with the Communication ETF rising by 3.09% and several other ETFs related to 5G and AI gaining over 2% [3]. Group 2: AI Investment Sentiment - Ray Dalio, founder of Bridgewater Associates, advised against hastily exiting AI investments due to high valuations, suggesting that bubbles often occur during technological transformations [5][8]. - The market appears to be reaching a consensus on the potential of AI, despite ongoing debates about the sustainability of its growth [5][17]. Group 3: Economic Context - Dalio warned of increased global economic instability due to debt, political conflicts, and geopolitical tensions, predicting a more destructive political landscape in the U.S. by 2026 [6][7]. - The Federal Reserve's upcoming decisions on liquidity and interest rates are critical, with expectations of a 25 basis point rate cut in December, which could impact global liquidity [9][12]. Group 4: AI Computing Power Dynamics - The AI industry is entering an "infinite computing power era," with companies scrambling for resources, including Nvidia's Vera Rubin architecture, which is expected to be in limited supply until late next year [19][22]. - The competition for computing power is intensifying, with firms willing to utilize various sources, including Nvidia, AMD, and self-developed ASICs, to meet their needs [20][22]. - DeepSeek's latest model highlights the challenges of token efficiency, indicating that the competition in AI models is heavily reliant on computing power [24][26][27].