达利欧警示AI泡沫初现，桥水基金2025年业绩创纪录

Group 1 - The core viewpoint of the article is that Ray Dalio warns about the current investment frenzy in the artificial intelligence sector, suggesting it has entered the early stages of a bubble [1] - Dalio highlights that the performance of the U.S. stock market is expected to lag behind non-U.S. stocks and asset classes like gold by 2025, with gold prices having increased over 60% last year [1] - He notes that investors are increasingly favoring non-U.S. assets over U.S. stocks, as well as non-U.S. bonds over U.S. bonds and cash [1] Group 2 - Dalio mentions that the global stock market experienced turbulence last autumn, with growing concerns about a potential bubble in AI-related stocks, which suppressed market sentiment and increased selling risks [1] - He points out that geopolitical tensions in the Middle East and uncertainties regarding the Federal Reserve's future interest rate policies have further heightened investor anxiety [1] - Dalio expresses that there is significant uncertainty regarding the Federal Reserve's policy direction and productivity growth outlook, indicating that the new Fed Chair and the Federal Open Market Committee are likely to lean towards lowering nominal and real interest rates [1]