Core Insights - L&G Asset Management sees opportunities in the AI sector despite rising debt issuance, with potential credit growth of US$500 billion to US$800 billion annually, reaching nearly US$3 trillion by 2030 [1][5] Investment Strategy - The firm is defensive in its allocation to the AI sector, managing approximately US$1.5 trillion in assets [2] - Bennett expresses concern about the supply of AI debt issuance but does not perceive an AI bubble, citing strong earnings from major tech companies [5][4] - Tactical opportunities in bonds are anticipated, but the firm plans to wait for the right timing [6] Market Trends - Major fundraising activities are expected in the AI sector, with Meta, Google, and Oracle collectively raising over US$70 billion soon [3][4] - The tech theme is predicted to dominate Asian equity markets next year, with a preference for US stocks over Chinese stocks due to better revenue translation into share price appreciation [6] Performance Comparison - Hong Kong and mainland Chinese stock benchmarks have outperformed US indices, with the Hang Seng Index up 33% and the CSI 300 Index up 20% this year, compared to a 17% gain in the S&P 500 [7]

AI Debt & Investment Thesis - AI 债务是值得关注的，但生成式 AI 的成果依然存在，Agentic AI 将推动生产力提升 [2] - 所有公司都在积极投资 AI，以保持竞争力 [2][3] - 行业正在寻找新的 AI 用例，这将推动未来的支出 [3] - 存在多种参与 AI 交易的方式 [3] - 计算平台将继续是 AI 技术的基石，Nvidia 是关键平台 [5] - NAND 和 DRAM 等内存领域存在机会，因为需要更多存储真实世界和合成数据 [5] - 行业整合，特别是在 NAND 领域，提供了投资机会 [5] - AI 投资仍处于 S 曲线的早期阶段 [5] - 人们从大型语言模型的使用中获得了巨大的价值 [5] - AI 具有巨大的颠覆潜力 [6] Company Specifics - Oracle 的 5 年期违约信用互换量在过去一周呈指数级增长，可能存在对其激进债务融资的担忧，但基数较低，值得关注 [6][7] - Oracle 的杠杆是可控的，GPU 的使用寿命可能比预期的更长，可以产生大量利润 [7] - Palantir 在为公司实施 AI 方面处于领先地位，并为客户带来巨大价值 [10] - AMD 在快速增长的市场中占据一席之地，与 OpenAI 的合作加强了这一点 [10][11]