你可以继续投资于这种“人工智能引发的狂热”，但野村证券警告称“你现在不能放弃对冲”_ZeroHedge

Investment Rating - The report suggests continuing investment in the "AI-driven frenzy" while emphasizing the importance of maintaining hedges against potential market downturns [1][5][11]. Core Insights - The current market environment is characterized by a positive feedback loop driven by artificial intelligence, with employment data expected to remain strong, which may shift market sentiment from concerns about Federal Reserve rate cuts to fears of a recession [3][4]. - The report highlights a significant increase in corporate profitability, particularly among large tech stocks benefiting from the "AI Halo," which is driving capital expenditure and stock buybacks [4][5]. - The financial environment is described as loose, with a weak dollar, low corporate credit spreads, and a significant amount of cash in the hands of high-end consumers, contributing to robust consumer spending [4][5]. Summary by Sections - Market Dynamics: The report notes a shift in the Federal Reserve's stance towards labor growth rather than inflation, allowing for a more accommodative monetary policy [4]. - Corporate Performance: There is a notable resilience in corporate earnings, with large tech companies leading the charge, supported by strong cash flows that fuel capital spending and stock buybacks [4][5]. - Volatility and Hedging: The report warns of potential volatility spikes and emphasizes the need for hedging strategies as the market experiences upward pressure on stock indices and options [10][15].