卡·苏瓦尔纳。亿万富翁雷·达利奥警告称，人工智能正形成一个“典型的泡沫”，而不断上升的利率以及将虚拟财富转化为现金的需求正使其濒临破裂。
Ray Dalio warned that artificial intelligence is a “classic bubble” that is nearing a bursting point thanks to rising interest rates and the need to turn wealth into cash.
周三，达利奥在新加坡举行的福布斯全球CEO大会上指出，目前有大量债务被用于投资人工智能领域。随着利率持续攀升，这一泡沫即将破灭。作为桥水基金创始人，他补充道：“我们目前正处于周期中临近这一节点的阶段，我认为距离泡沫破裂已经不远了。”
Speaking at the Forbes Global CEO Conference in Singapore on Wednesday, Dalio said that a huge amount of debt is being taken out to fund AI. As rates continue to climb, that is a point at which the bubble begins to pop.
当前，各大科技巨头正投入数千亿美元用于人工智能开发，且这些资金多通过举债获得；与此同时，市场涨幅则高度集中于少数几只股票。全球范围内的债券收益率已升至数十年来的最高水平，使得建设人工智能基础设施所需的巨额资金成本大幅上升。
“We’re in the part of the cycle that is before that but approaching that,” the Bridgewater founder said. “I think we’re close to that.”His comments come as technology giants spend hundreds of billions of dollars on AI, increasingly financed with debt, and as market gains concentrate in a handful of stocks. Bond yields around the world have surged to the highest in decades, increasing the cost of funding the enormous investment needed to build AI infrastructure.
尽管如此，股市估值仍在持续上涨。市场对科技行业盈利前景的乐观预期推动标普500指数与纳斯达克100指数本周创下历史新高。
Still, equity valuations continue to rise, with optimism over technology earnings propelling the S&P 500 and Nasdaq 100 indexes to record highs this week.
长期以来一直警示人工智能泡沫风险的达利奥还指出，其他因素也可能引发泡沫破裂，例如财富税政策以及将未变现收益转化为现金的相关举措。
Dalio, who has long warned of an AI bubble, said there were other issues that could trigger its collapse. Those include wealth taxes and other efforts to convert unrealized gains into cash.
他最后说道：“人人都声称‘自己身家数十亿美元’，但试问能否真的花得出来呢？要想实现消费，就必须变卖资产换取现金——而泡沫往往就在此时破裂。”
“Everybody says ‘I’m worth a billion dollars’ but OK, try to spend that,” he added. “In order to spend that you have to sell wealth in order to get money — and so the bubble usually pricks at that.”