国金证券宋雪涛：AI是美国必须进行到底的国运，是所有政策的出发点

Core Viewpoint - The discussion highlights the dual nature of AI, where the industry is progressing without a bubble, but the investment side may be experiencing a bubble that cannot be ignored [3][6]. Group 1: AI Industry Progress - The AI industry is continuously advancing, with many benefits being realized daily through its use [3][6]. - Historical context suggests that significant infrastructure investment bubbles often precede major technological revolutions, indicating that the presence of a bubble can sometimes be necessary for innovation to begin [3][6]. Group 2: Investment Bubble Concerns - Investment in AI may be moving too quickly, leading to a potential bubble that could have negative implications [3][6]. - The U.S. government views the continuation of this investment bubble as crucial to its national strategy, despite the slow revenue generation from AI investments [3][6]. Group 3: Energy Consumption and Economic Impact - AI's computational power is consuming nearly 7% of the U.S. electricity, with California being the largest consumer state [7]. - The rising electricity prices, estimated to increase by 8%-10% this year, are a direct consequence of AI's energy demands [7][8]. Group 4: Wealth Disparity - The wealth gap in the U.S. is widening, with 1% of the population holding 50% of the stock and 10% holding 95% [7][8]. - The term "斩杀线" has emerged to describe the increasing economic divide, as AI investments push out other sectors and contribute to rising costs [8]. Group 5: Interest Rates and Economic Stagnation - The Federal Reserve has cut interest rates by 175 basis points since September two years ago, yet the housing and manufacturing sectors remain stagnant due to lack of investment capacity [8].