<div id="readability-page-1"><div><div><p>The upside chase keeps pulling investors aggressively into AI, semis, momentum, and upside volatility. At the same time, breadth keeps deteriorating, downside protection is getting abandoned, and several positioning dynamics are quietly building dangerous downside convexity if markets suddenly reverse lower.</p><p><em>The melt-up keeps getting more crowded just as downside protection gets cheaper.</em></p></div></div></div>

<p>上漲的追逐不斷將投資者積極吸引到人工智能、半導體、動量股和上漲波動性中。同時，市場的廣度持續惡化，防禦性投資逐漸被放棄，若市場突然向下反轉，幾種持倉動態正在悄然形成危險的下行凸性。隨着下行保護變得更便宜，市場的上漲趨勢愈發擁擠</p>

市場的上漲趨勢持續吸引投資者入場