Apollo 首席经济学家警告：AI 智能体大规模理财或引发银行挤兑
经济学家说理财智能体可能同步操作引发挤兑，连 Gensler 都警告过这种风险，看完你对智能体金融的看法会不一样。
Apollo 首席经济学家警告，大量个人理财智能体同时执行趋同的最优投资决策，可能触发银行挤兑或闪崩。前 SEC 主席 Gary Gensler 此前也指出，算法在大规模下的同质化行为会破坏市场稳定。文中分析称，智能体无需通信或合谋即可因相似的最优路径而一致行动，且模型越强路径越集中，同步风险越高。现有法律并未覆盖这种无串谋的一致性行为。
The chief economist at Apollo is warning that mass adoption of AI agents could trigger a bank run as they optimize user investments. Gary Gensler spent his last few years as SEC chair warning that the exact same problem will hit the markets: the pursuit of algorithmic perfection at scale destroys system stability. Personal-finance agents making simultaneous optimal decisions could potentially cause a massive flash crash.
Agent acausal coordination, with no messages passed between them, will show up in a lot of places. Markets will get the big headlines, but huge numbers of clever advisors making very similar choices will impact all of human society. Capability gains make this worse, not better. The smarter the agents, the narrower the optimal path; and knowing that other agents see that exact same path lets them move together without talking to each other. Agents do not need to collude to act in unison. Thus, they break no human laws by doing so. Human laws were not written for this. They were not written for a lot of what is coming, and it is about to start happening very fast.
