TechFlow, November 23 — CITIC Securities Research reports that the volatility in global risk assets appears on the surface to be a liquidity issue, but fundamentally stems from an overreliance on the single narrative of AI. When industrial development pace—especially commercialization—fails to keep up with secondary market rhythms, appropriate valuation corrections serve as a way to alleviate risks. Expanding AI's commercial applications, hardware cost reductions, and rising financial stability risks forcing the Fed to cut rates earlier could all break the current stalemate. (Jinshi)
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