Yao Yuan, Asia's senior investment strategist at Oriental Huili Asset Management, said that since interest on 10-year bonds is already at the upper limit of the recent trading range, if oil prices break through $100 per barrel, the Federal Reserve initiates aggressive austerity policies, or the US fiscal panic intensifies, the possibility that interest on bonds will rise to 5% is not ruled out. On the stock market side, Yao Yuan believes that the global stock market is at a crossroads and is seeking a short-term direction. Risks faced by the AI ecosystem have increased, free cash flow for hyperscale cloud service providers has declined sharply, capital expenditure is more dependent on capital market financing, and AI debt supply is growing exponentially. At the same time, capital costs are rising due to increased competition in issuing sovereign bonds and expectations that central banks will tighten monetary policy. Therefore, any increase in financing costs is inhibiting AI spending or undermining market sentiment, triggering a new round of sell-off. Furthermore, the slow progress of AI monetization has heightened market concerns, and is also facing the threat of China's open source architecture seizing the market. Therefore, even if we are still optimistic about the long-term development prospects of AI, it is no longer an overall rise. Current investment requires more discipline and patience, and it is recommended to have a diversified layout in the middle, middle, and downstream areas.

Yao Yuan, Asia's senior investment strategist at Oriental Huili Asset Management, said that since interest on 10-year bonds is already at the upper limit of the recent trading range, if oil prices break through $100 per barrel, the Federal Reserve initiates aggressive austerity policies, or the US fiscal panic intensifies, the possibility that interest on bonds will rise to 5% is not ruled out. On the stock market side, Yao Yuan believes that the global stock market is at a crossroads and is seeking a short-term direction. Risks faced by the AI ecosystem have increased, free cash flow for hyperscale cloud service providers has declined sharply, capital expenditure is more dependent on capital market financing, and AI debt supply is growing exponentially. At the same time, capital costs are rising due to increased competition in issuing sovereign bonds and expectations that central banks will tighten monetary policy. Therefore, any increase in financing costs is inhibiting AI spending or undermining market sentiment, triggering a new round of sell-off. Furthermore, the slow progress of AI monetization has heightened market concerns, and is also facing the threat of China's open source architecture seizing the market. Therefore, even if we are still optimistic about the long-term development prospects of AI, it is no longer an overall rise. Current investment requires more discipline and patience, and it is recommended to have a diversified layout in the middle, middle, and downstream areas.