AI 全球“斗蛐蛐”，中国队胜出

Core Viewpoint - The article discusses a financial competition involving six top AI models, highlighting their performance in real market conditions and the differences in their trading strategies and outcomes [4][5][18]. Group 1: Competition Overview - The competition, initiated by the US lab Nof1, involves six AI models each managing $10,000 in a real-time trading environment focused on cryptocurrency perpetual contracts [5][6]. - The competition started on October 18 and will last for two weeks, with the performance measured by risk-adjusted returns [5][6]. Group 2: AI Performance Analysis - The top performers in the competition are DeepSeek V3.1 Chat and Alibaba's Qwen 3 Max, with significant returns compared to others like GPT-5 and Gemini, which faced substantial losses [4][15]. - DeepSeek (DS) adopted a conservative strategy, leveraging 10 to 15 times and maintaining a long position, while Qwen displayed aggressive trading behavior, often going all-in on specific assets [9][14]. - Gemini and GPT-5 struggled with frequent trading and poor decision-making, leading to significant losses, with GPT-5 at one point down over 75% [13][19]. Group 3: Insights on AI Trading Strategies - The article emphasizes that the performance of AI models varies significantly based on their trading strategies, with DS showing a balanced and steady approach, while others like GPT-5 and Gemini exhibited erratic behaviors [24][25]. - DS's average holding period was 49 hours, indicating a strategy focused on recognizing upward trends, while Qwen's high returns were attributed to timely asset selection and aggressive leverage [25][26]. - The analysis suggests that AI's ability to adapt to real-time market conditions is crucial, with DS demonstrating superior risk management and return consistency compared to its competitors [24][28]. Group 4: Implications for Investors - The article concludes that while AI can enhance trading strategies, human oversight remains essential, as AI lacks the ability to predict future market movements and may react slowly to sudden market changes [30][32]. - Investors are advised to adopt a long-term perspective, avoid overtrading, and be cautious with leverage, as even top-performing AI can face significant risks [28][29].