达利欧：AI热潮处于泡沫初期阶段

Core Viewpoint - Ray Dalio, founder of Bridgewater Associates, warns that the AI-driven surge in tech stocks has entered the early stages of a bubble [1] Group 1: Investment Preferences - Investors are showing a preference for non-U.S. assets over U.S. stocks, and similarly favor non-U.S. bonds over U.S. bonds and cash [1] Group 2: Federal Reserve Policy - There is significant uncertainty regarding the future direction of the Federal Reserve's policies and productivity growth prospects [1] - The new Federal Reserve Chair and the Federal Open Market Committee are likely to lean towards lowering nominal and real interest rates, which may support asset prices but also further inflate bubbles [1]