国金证券：AI投资确属泡沫 但对美国而言存在其合理性

Core Viewpoint - The AI investment sector is identified as a bubble, yet it holds a certain rationality for the United States [1] Group 1: Industry Vulnerabilities - The fragility of the AI industry chain is increasingly evident, highlighting issues such as insufficient information disclosure and weak capital expenditures [1] - High leverage and off-balance-sheet financing amplify risks, with particular attention needed on the opacity of private credit and implicit guarantees related to off-balance-sheet liabilities [1] Group 2: External Risks - The liquidity uncertainty stemming from the 2026 U.S. midterm elections is a key external risk contributing to the bubble [1]