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``` Huajian Morning Voice Listeners, please upgrade to the latest version of Jianwen APP in order to successfully listen to the audio below. Market Overview Last Friday: * OpenAI's IPO delay hurt tech stocks, S&P and Nasdaq fell for the fifth straight session, S&P set the

``` The Bank for International Settlements (BIS) has warned that the AI investment boom dominated by tech giants could turn into a "prolonged investment collapse," shaking global financial markets and damaging the world economy. Known as the "central bank of central banks," BIS has directly pointed out

``` Tech giants are raising funds and expanding at the most rapid pace since the dot-com bubble, but bond investors are not equally optimistic. This month, the risk premium for high-grade US tech bonds rose to 0.79 percentage points, notably higher than 0.74 percentage points at the end of

``` The value center of the AI industry is undergoing a structural shift. Over the past two years, Nvidia, memory manufacturers, and energy suppliers have dominated the distribution of AI investment returns. However, as Agentic AI commercialization accelerates, profit margins in the model layer are expanding at an unprecedented rate, while

``` American technology companies are quietly incorporating Chinese open-source AI models into their production infrastructure. As the costs of top U.S. models continue to rise, companies like Coinbase are making Chinese open-source models the default option, significantly reducing AI expenses without restricting usage. Coinbase CEO Brian Armstrong revealed in a

``` The supply-demand tension in AI infrastructure is intensifying among the world’s top tech companies. According to informed sources, Google informed Meta around March this year that it could not meet all of its Gemini computing power needs and imposed usage caps on the social media giant—even the world’