Sou Hu Cai Jing·2025-11-18 12:07Group 1 - The core viewpoint suggests that the current AI boom may be a facade for a strategic retreat by major investors, as evidenced by SoftBank's complete divestment from Nvidia and significant sell-offs by other firms like Bridgewater [1][3][5] - There has been a substantial outflow of funds from U.S. tech stocks, exceeding $100 billion in the third quarter of 2024, indicating a loss of confidence among major investors [3][5] - The high interest rates set by the Federal Reserve, now above 5%, are seen as a critical factor undermining the valuation of AI companies, as future earnings are significantly discounted [5][7] Group 2 - Major investors are shifting capital from overvalued AI companies to a select few "too big to fail" firms, indicating a strategy to stabilize the financial system amidst rising interest rates [8] - The current situation is compared to the 2000 internet bubble, where investors are proactively managing their portfolios to avoid a similar collapse [7][8] - In contrast, the AI development in other regions is closely tied to real economic applications, focusing on practical improvements in industries rather than speculative narratives [10]