洪灝：现在谈AI全面泡沫化为时过早

Core Viewpoint - The article discusses the current AI investment boom, highlighting concerns about potential bubble formation in the AI sector, particularly among US tech companies, while also noting the opportunities that arise from this uncertainty [1][3]. Group 1: AI Investment Landscape - The AI sector is experiencing unprecedented investment, leading to significant interest in US AI companies [1]. - Recent fluctuations in the US AI sector have raised concerns among investors about the sustainability of these valuations [1]. - The core debate centers on whether the current AI investments will yield long-term returns or if they represent a speculative bubble [1]. Group 2: Financial Performance of Tech Companies - Recent earnings reports indicate that US high-tech companies are seeing accelerated profit growth [3]. - Major tech firms are generating substantial cash flow, suggesting that current investments are yielding effective results [3]. - The financial improvement of tech companies contradicts the notion of a bubble, as their earnings growth outpaces stock price increases, leading to lower valuations [3]. Group 3: Perspectives on AI Valuation - Concerns about AI bubble primarily focus on the valuations of tech companies, which have become cheaper rather than more expensive since the beginning of the year [3]. - The transition between old and new technologies often results in valuation adjustments, making it premature to declare a complete bubble in AI [3]. - The shift in societal expectations regarding productivity and technology, including AI's role in daily life, is seen as a natural part of this transition, influencing future profitability [3].