市值突破4万亿，小心背后的风险！

Core Viewpoint - Nvidia has reached a market capitalization of $4 trillion, making it the first company to achieve this milestone, surpassing the total market capitalization of several countries [1][2] Group 1: Market Context - The current economic environment is characterized as a global downturn, making it crucial to focus on risk management rather than chasing bubble assets [2][6] - Nvidia's stock is viewed as a bubble asset rather than a quality safe-haven asset, which is a critical distinction in the current market [1][2] Group 2: Pricing Logic - The concept of pricing logic is emphasized, where many investors fail to understand the underlying monetary value behind asset prices [2][3] - The U.S. dollar has entered an era of unanchored currency since the 1970s, leading to a continuous devaluation of money, which affects the perceived value of assets like Nvidia [3][4] Group 3: Inflation and Asset Valuation - Inflation is linked to the decreasing real value of currency, which means that even if asset prices rise, their actual value may not have increased significantly [4][5] - Using gold as a benchmark, the dollar has depreciated by approximately 94.6% since the abandonment of the gold standard in 1971, indicating a significant loss in purchasing power [5][6] Group 4: Future Outlook - The expansion of U.S. debt and the potential for further dollar devaluation could lead to inflated asset prices, including Nvidia's market cap, which may not reflect true value [6][7] - The ongoing transition in the global monetary system poses risks to dollar-denominated assets, suggesting that a shift away from dollar dominance could lead to a significant correction in asset values [6][7]