刘煜辉：当前美国经济高度空心化，过度押注AI

Core Insights - The current U.S. government shutdown is causing short-term tightening of the dollar, leading to downward pressure on dollar assets, particularly in cryptocurrencies [1] - The U.S. strategy in the great power competition is to go "ALL in AI," as without a full commitment to AI, it lacks a competitive edge against China [1] - Excluding the impact of AI, U.S. economic data indicates stagnation or even negative growth [1] - The U.S. is decoupling from China's AI supply chain, relying on its internal cycle to achieve current AI prosperity [1] - Major U.S. tech giants have formed a closed-loop investment system since June, which is essential for maintaining local AI prosperity and significant expenditures [1] - The financial structure, particularly the debt structure, behind these tech giants is showing signs of vulnerability, raising concerns among external observers [1]