雪涛宏观笔记·2025-10-16 23:49Core Viewpoint - The article discusses the third challenge to the AI narrative in the U.S. stock market, focusing on the rising debt risks associated with AI and the system's vulnerabilities, suggesting that investors should adopt a "left hand AI, right hand gold" strategy as a mainstream choice [2][55]. Group 1: Market Conditions - Since April, the U.S. stock market has shown signs of optimism, with concerns about economic recession easing and the Federal Reserve opening the door to monetary easing [4]. - The market has been buoyed by a wave of AI capital expenditure and fiscal expansion, leading to a new round of investment, while high-income consumer spending and corporate profit margins remain relatively stable [4][14]. - Recent challenges to the AI narrative have emerged, with concerns about the interdependence of major players like OpenAI, Nvidia, and Oracle, shifting the focus from corporate performance to debt levels [4][35]. Group 2: Economic Indicators - The U.S. job market is showing signs of weakness but has not reached a critical point, with initial jobless claims dropping to 218,000, the lowest since May [6]. - The "non-fundamental premium" in the U.S. stock market remains low, with the stock price growth of the "seven giants" being primarily driven by earnings rather than valuation [7][10]. - The optimism surrounding fiscal expansion is evident, with the new federal fiscal year beginning in October, leading to an expected increase in the federal deficit by $4.1 trillion over the next decade [13]. Group 3: Debt Concerns - The article highlights a shift in the AI narrative towards concerns about debt traps, with major tech companies increasingly relying on debt financing rather than operational cash flow to support capital expenditures [35][36]. - As of Q2 2025, the free cash flow of the "seven giants" has decreased by 12.7%, with Nvidia and Meta experiencing declines of 35.7% and 60.7%, respectively [36]. - The opacity of private credit markets raises concerns reminiscent of the 2008 financial crisis, as companies seek various financing sources to support their operations [36][37]. Group 4: Investment Strategies - The article suggests that the current high valuations and short-term trading congestion in the U.S. stock market are driven by fundamental factors and global FOMO [55]. - The "dumbbell strategy" of investing in both AI and gold is highlighted as a popular approach to hedge against uncertainty in the market [55]. - The potential for a shift in market pricing logic is noted, as the focus moves from corporate performance to debt levels, which could have broader implications for the bond market and financial systems [37][48].