近期人工智慧（AI）相关交易出现显著波动，标普500指数中的戴尔（Dell）、Ciena及Lumentum等数据中心概念股本周市值缩水约五分之一，AI基础设施债券亦遭到抛售。尽管本周公布的消费者与生产者通膨数据偏热，但市场对AI泡沫破裂的担忧推升了避险需求，促使美国10年期公债殖利率自周三上午以来下降了24个基点。
针对如何建构「防范AI风险」的投资组合，多位专家与投资人提出了传统资产与避险策略。伦敦政经学院的Sushil Wadhwani建议配置美国公债、黄金、与AI低相关的印度股市以及宏观对冲基金；一位匿名长线投资人则透过持有约30%现金、避开台积电与三星占比过高的广泛新兴市场指数（改投拉美与波兰等地）、配置医疗与公用事业等非AI敏感产业、持有实体大宗商品，并撤出银行信贷来降低风险。
此外，市场专家也强调透过另类资产配置与价值型股票来分散AI风险。Alpine Macro的Javier Corominas认为股债负相关已发生结构性转变，建议采用包含长天期抗通膨债券（TIPs）、哥伦比亚与波兰股市、瑞士资产及做空美国小型股的零相关主题篮子；施罗德的Duncan Lamont指出价值型股票在半导体类股大跌时表现相对抗跌，但需避开包含科技巨头的被动型ETF；另一位匿名欧洲退休基金经理则建议考量现金、低波动与必需消费类股、政府债券、房地产类股以及日内动能策略。
Recently, the artificial intelligence (AI) trade has experienced significant turbulence, with S&P 500 data center darlings like Dell, Ciena, and Lumentum losing about a fifth of their value this week alongside a sell-off in AI infrastructure bonds. Despite notably warm consumer and producer inflation reports, fears of a broader AI implosion drove investors toward safe havens, pushing the 10-year US Treasury yield down by 24 basis points since Wednesday morning.
To AI-proof a portfolio, several experts and investors shared traditional and defensive allocation strategies. Sushil Wadhwani of the London School of Economics suggests holding Treasuries, gold, low-correlation equity markets like India, and macro hedge funds; meanwhile, an anonymous long-only manager minimizes exposure by holding roughly 30% cash, investing in Latin American and Polish equities rather than chip-heavy broad emerging market indices, favoring AI-insensitive sectors like healthcare and utilities, owning physical commodities, and avoiding bank credit.
Furthermore, strategists highlight alternative thematic baskets and value equities to diversify away from AI risk. Javier Corominas of Alpine Macro notes a structural shift from negative to positive stock-bond correlation and proposes an equally weighted zero-correlation basket including long-dated TIPs, Colombian and Polish equities, Swiss assets, and short US small caps; Duncan Lamont of Schroders advocates for actively managed value equities, which historically stayed flat during semiconductor sell-offs, while an anonymous European pension fund manager points to cash, lagging defensive equities, government bonds, real estate proxies, and intraday momentum strategies.