ChainCatcher 消息，国际清算银行（BIS）在最新年度报告中警告，AI 泡沫破裂、通胀反弹及主权债务压力是当前威胁全球经济繁荣的三大核心风险。报告指出，若 AI 领域的投资回报不及预期，可能导致当前的资本支出热潮演变为长期的投资萎缩，引发显著的宏观经济动荡。
BIS 特别警示了 AI 产业链中错综复杂的“循环融资”模式，如芯片制造商与 AI 实验室或云服务商之间的交叉持股及算力绑定采购协议。该机构强调，此类交易通常缺乏透明度，存在同一资产被多重抵押的隐患。此外，地缘冲突带来的能源冲击可能引发通胀的二次反弹，叠加对冲基金在政府债券市场中的高杠杆套利交易，将进一步加剧全球金融体系的脆弱性。
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