Guojin Securities: AI investment is a bubble, but it is reasonable for the United States.

Guojin Securities pointed out that AI investment is indeed a bubble, but it is reasonable for the United States. The increasing vulnerability of the AI industry chain is becoming increasingly apparent, with concerns about insufficient information disclosure and the vulnerability of capital expenditure. The risks of high leverage and off-balance sheet financing amplification, as well as the opacity of private credit and implicit guarantees of off-balance sheet liabilities, are worth noting. The liquidity uncertainty brought about by the 2026 midterm elections in the United States is a key external risk to the bubble.