3 6 Ke·2026-02-26 01:53Core Viewpoint - The report by Citrini Research highlights potential risks of artificial intelligence (AI) to the global economy, triggering significant discussions and panic selling in the U.S. stock market, particularly affecting delivery, payment, and software stocks, as well as major private equity (PE) firms like Blackstone and KKR [1][3]. Group 1: AI Impact on the Economy - The report titled "2028 Global Intelligence Crisis" suggests that uncontrolled deflationary forces from AI could lead to an economic plague targeting "intermediaries" and "white-collar wages," with a collapse in the private credit market being a core trigger for a financial crisis [3][7]. - AI's evolution is expected to erode the competitive advantages of the Software as a Service (SaaS) industry, leading to a collapse in pricing and the failure of business models reliant on Annual Recurring Revenue (ARR) [7][9]. - A hypothetical scenario in the report predicts a $5 billion private credit default by Zendesk in 2027, which could trigger a chain reaction affecting the entire SaaS pricing structure and leading to widespread defaults in private credit [7][9]. Group 2: Market Reactions and PE Firms - The liquidity crisis at Blue Owl Capital, which announced asset sales to meet investor redemption demands, has exacerbated market tensions and contributed to stock price declines for major PE firms [9][10]. - Following the announcement from Blue Owl, stocks of firms like Blackstone and Apollo Global Management dropped significantly, with Blackstone's stock falling over 15% from February 19 to 23 [10][13]. - The private credit market, which has rapidly expanded to $1.8 trillion, is now facing structural risks, with an expected increase in default rates due to AI disruptions, particularly in the technology and business services sectors [13][14]. Group 3: Future Considerations - The U.S. market is reassessing the long-term impacts of AI on finance and the real economy, leading to heightened scrutiny on risk pricing and liquidity management within the private credit industry [14]. - Citadel Securities argues that the rapid expansion of AI is unlikely to cause massive job losses, countering the fears raised by the Citrini Research report [14].