#美联储重启降息步伐 Did you notice? In this wave of AI frenzy, hedge funds are playing a dangerous leverage game.

They are aggressively increasing their positions in tech stocks, maximizing returns on both long and short positions through debt. The result? The industry's overall leverage ratio has soared to its highest point in five years.

How extreme are the numbers? According to Goldman Sachs, in November, the total global hedge fund leverage ratio surged to 285.2%—which means with $100, they are leveraging nearly $300 in the market. JPMorgan's data is even more staggering, reaching 297.9%.

But it gets even crazier. Quant funds' leverage ratio? 645.3%. Multi-strategy funds? 444.3%. Both of these numbers set new records in their respective fields.

In short, these institutions are now placing huge bets on AI concepts with extremely high leverage. When the market is favorable, returns are indeed attractive. But once the market turns, it's hard to say if these debt-driven strategies can withstand the impact. Unprecedented leverage levels come with unprecedented risk exposure.