对冲基金大佬“泼冷水”：AI支出过于极端，恐带来巨大资本损失

Core Viewpoint - David Einhorn, founder and president of Greenlight Capital, warns that unprecedented spending on AI infrastructure could destroy significant capital, despite the transformative potential of the technology [1][2]. Group 1: AI Investment Concerns - Major companies like Apple, Meta, and OpenAI have collectively invested trillions in AI, raising concerns about the uncertain returns on such extreme expenditures [1]. - Einhorn questions whether annual spending of $1 trillion or $500 billion will yield positive results for the investing companies [1]. - Meta's CEO Mark Zuckerberg acknowledges the risk of an AI bubble but emphasizes that hesitation poses a greater risk for the company [2]. Group 2: Financial Projections and Trends - Zuckerberg stated that Meta plans to invest at least $600 billion in U.S. data centers and infrastructure by 2028, while Apple aims to invest $500 billion over the next four years in AI and related fields [2]. - Einhorn highlights the potential for significant capital destruction in the current investment cycle, despite the long-term importance of AI [2]. - Goldman Sachs' chief economist noted a slowdown in AI adoption rates among large companies, with a slight increase in adoption from 9.2% to 9.7% in Q3 [2]. Group 3: Broader Economic Indicators - Einhorn points to weak job growth and stagnant productivity as signs that an economic recession may be imminent [3]. - He reiterates his long-standing view that the market has fundamentally collapsed, which he believes has eroded the investment process itself [3].