CITIC Securities: The volatility of global risky assets is essentially due to their over-reliance on a single narrative surrounding AI.

BlockBeats News, November 23rd, CITIC Securities research report pointed out that the volatility surface of global risk assets is a liquidity issue, fundamentally due to the overreliance of risk assets on a single AI narrative. When the industry's development speed (especially commercialization) cannot keep up with the pace of the secondary market, a proper valuation adjustment is also a way to relieve risk. AI expanding commercial scenarios, cost-side hardware price cuts, and rising financial stability risks forcing the Fed to cut rates early can all break the current stalemate. (FX678)