Sou Hu Cai Jing·2025-10-05 10:52Core Viewpoint - Microsoft CEO Satya Nadella warns of a potential AI bubble in the U.S., stating that the company is heavily invested in AI data centers, which could become significant liabilities if the investment landscape changes [1][5]. Group 1: AI Investment Concerns - Nadella emphasizes that Microsoft and other tech giants are compelled to invest heavily in AI data centers due to competitive pressures, despite doubts about the actual customer value generated by large language models (LLMs) [5]. - The current market dynamics suggest that companies that can tell compelling AI stories are seeing their valuations rise, indicating a speculative bubble [2]. Group 2: Market Valuation Insights - The combined market capitalization of the seven major U.S. tech companies is projected to reach $20 trillion by September 2025, surpassing China's GDP [2]. - Nvidia's market value alone is estimated at $4.5 trillion, comparable to Germany's GDP, highlighting the extreme valuations in the tech sector driven by AI narratives [2].