全球股市疯涨！驱动市场的不再是“贪婪”，而是对AI的“FOMO”

Core Viewpoint - The article highlights the remarkable surge in global stock markets driven by investor fear of missing out (FOMO) on transformative opportunities presented by the artificial intelligence revolution, despite facing multiple challenges such as trade disputes and geopolitical risks [1][4]. Group 1: Market Dynamics - The U.S. stock market's market capitalization to GDP ratio has reached a historical high, with the FTSE 100 index in the UK also hitting record levels, indicating a state of market euphoria [1]. - Investor reactions to risks have become increasingly muted, suggesting a normalization of responses to threats like tariffs [1]. - The current market environment is compared to historical bubbles, characterized by extraordinary public delusions and collective madness [1][3]. Group 2: AI and Technology Stocks - The AI boom has led to a significant rise in technology stocks, with companies like Nvidia seeing their market value exceed $4 trillion [3]. - There are concerns about market bubbles, with excess liquidity fueling speculative behavior in cryptocurrencies and the accumulation of crypto assets by various companies [3]. Group 3: Emotional Drivers in Investment - The article discusses how FOMO and loss aversion are becoming the primary emotional drivers of investment behavior, overshadowing traditional greed [4]. - Historical lessons from past market crashes, such as the 49% real loss experienced by UK investors during the internet bubble, are cited to emphasize the risks of forgetting past mistakes [4]. Group 4: Investment Strategies - Investors are advised to diversify their portfolios and consider allocating to less exciting assets, particularly as cash has regained real returns post-inflation [7]. - The article suggests that cryptocurrencies should be approached with caution, as their potential losses could be catastrophic, despite the current enthusiasm surrounding them [8]. Group 5: Caution Against FOMO - While AI represents a significant technological advancement, investors are urged to remain vigilant against the excessive influence of FOMO and to return to fundamental analysis and risk assessment [9].