崔传刚：美国AI泡沫担不起“化作春泥”的代价

Group 1 - The core viewpoint of the articles highlights the unprecedented investment enthusiasm in AI technology within the U.S. capital markets, driven by emotional market trends and contrasting with rising concerns about potential financial bubbles [1][3] - The historical context of market overheating driven by technology narratives is referenced, comparing the current AI situation to past financial crises, such as the railroad boom and the internet bubble, which, despite their failures, led to significant technological advancements [2][3] - Current AI investments are characterized by a significant imbalance between capital input and returns, with projections indicating that AI-related spending will contribute 92% to GDP growth in the first half of 2025, yet many companies deploying AI have not seen profit increases [3][4] Group 2 - The emergence of high-quality AI models from China, which account for nearly 40% of global public models, poses a fundamental challenge to U.S. companies that rely on expensive API usage and licensing fees [4] - The concentration of capital and systemic interconnections among major U.S. tech firms, which are expected to invest nearly $400 billion in AI infrastructure this year, raises concerns about potential market corrections and their impact on the broader economy [4][5] - The articles emphasize the need for companies to focus on real business challenges rather than speculative investments in AI, advocating for a return to value creation and sustainable business practices [5][6]