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Arthur Hayes stated in his article Situation that the essence of AI infrastructure construction is closer to high leverage real estate investment rather than technology investment. He believes that if the AI foam bursts due to excessive credit expansion, governments and central banks will take large-scale money printing measures to repair the financial system, promote the rise of risk assets and benefit the special currency. Arthur Hayes pointed out that the market views trillions of dollars in AI capital expenditures as technology investments, but financial institutions, private credit funds, and governments may have misjudged their risks.