AI持仓过于拥挤,摩根大通警告股债市场均面临集中风险

格隆汇
Aug 19
摩根大通资产管理公司的加布里埃拉·桑托斯警告称,“AI因素”的集中度风险已经从股票市场蔓延至固定收益市场。尽管人工智能超级周期的投资逻辑依然成立,但投资者越来越需要保持谨慎。桑托斯表示:“你完全可以非常看好AI相关的一切,但与此同时,仍然需要非常谨慎地考虑投资组合的构建。”桑托斯表示,7月科技股的调整凸显了持仓过度拥挤所带来的风险。当月,费城证券交易所半导体指数暴跌21%,创2008年以来最大月跌幅;韩国综合指数也暴跌22%。桑托斯表示,这场市场动荡凸显了控制持仓规模、合理使用杠杆,以及在AI之外进行多元化配置的重要性。她补充道:“问题就在这里变得复杂了。因为你不能只考虑传统的风险因子、行业或地区,甚至不能只考虑资产类别,因为现在那条AI‘触手’已经伸向了所有地方。”

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