文｜徐广鸿 卿施典当前美国AI产业呈现“刚性泡沫”特征。其“刚性”，源于AI已深度嵌入美国国家战略与政治正确的核心，享有政策强力托底与巨头盈利支撑；而“泡沫”属性，则体现在估值已大幅定价未来增长，天量资本开支与产出效率、现金流创造之间正展开一场紧张的竞速。AI的短期强劲现实被中期叙事压制，泡沫叙事的反转需模型范式进步、货币化突破及降息周期开启。我们建议在叙事反转来临时构建三层动态资产配置组合。...
Source Link文｜徐广鸿 卿施典当前美国AI产业呈现“刚性泡沫”特征。其“刚性”，源于AI已深度嵌入美国国家战略与政治正确的核心，享有政策强力托底与巨头盈利支撑；而“泡沫”属性，则体现在估值已大幅定价未来增长，天量资本开支与产出效率、现金流创造之间正展开一场紧张的竞速。AI的短期强劲现实被中期叙事压制，泡沫叙事的反转需模型范式进步、货币化突破及降息周期开启。我们建议在叙事反转来临时构建三层动态资产配置组合。...
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