美股牛市显露疲态，投资者开始担忧人工智能热潮的负面影响

Core Viewpoint - The article discusses the potential negative impact of artificial intelligence (AI) on U.S. economic growth, despite the prevailing belief that AI will significantly enhance productivity and drive economic expansion [1][3]. Group 1: Concerns About AI and Economic Growth - Top analysts from Wall Street are questioning whether the AI-driven market rally could actually hinder U.S. economic growth, with concerns about a potential infrastructure bubble [1]. - Morgan Stanley's Chief Investment Officer, Lisa Shalett, expressed worries about a bubble in the AI sector and indicated that the current market rally is nearing its peak [2]. - UBS's Chief Economist, Paul Donovan, raised the question of whether AI is damaging U.S. economic growth, suggesting that the current investment frenzy should be viewed with caution [3]. Group 2: Economic Dynamics and AI - Donovan highlighted that while data centers contribute to economic growth, AI might suppress current growth by reallocating resources, leading to higher electricity costs and reduced consumer spending [4]. - Shalett pointed out that even new AI companies are not experiencing ideal growth rates, attributing this to market saturation and increased competition [4]. - The article notes that despite mid-term risks, some analysts believe AI currently has a net positive impact on growth, as evidenced by GDP performance exceeding expectations [5]. Group 3: Future Projections and Market Sentiment - Analysts predict that capital expenditures in cloud services are expected to grow significantly, with actual growth rates surpassing initial forecasts [6]. - Jason Furman, a Harvard professor, indicated that excluding data center investments would show a drastically different GDP growth outlook, suggesting that AI's impact on growth is complex and multifaceted [7].