莉兹的观点：2010年代初的牛市曾被称作史上最遭人嫌的上涨行情。而当前的行情或许能紧随其后。
Liz’s view The bull market of the early 2010s was called the most hated rally in history. This one may be a close second.
当时，投资者低估了美联储支撑疲软经济的决心与能力。企业盈利停滞、欧洲债务危机以及政府开支失控等现象，都在大量廉价资金的冲击下烟消云散。
Back then, investors underestimated the power and determination of the Federal Reserve to prop up a flagging economy. Flatlining corporate earnings, European debt bombs, and runaway government spending disappeared into a sea of free money.
如今的问题在于，超大规模科技公司正不计后果地大肆投入，导致通胀蔓延至硅谷以外地区，并掩盖了其他领域的诸多问题。昨日标普500指数再创历史新高，尽管石油仍困在墨西哥湾，欧洲也再度面临债务危机风险。
Today’s problem is hyperscalers spending themselves into oblivion, spreading inflation well beyond Silicon Valley and obscuring problems nearly everywhere else. The S&P 500 hit another record yesterday, even as oil stays trapped in the Gulf and Europe tilts toward another debt crisis.
此次上涨主要由少数几家人工智能企业推动。其中部分企业确实具备相应的盈利支撑——高盛预计，仅英伟达和美光两家公司就能贡献本季度标普500指数盈利增长的三分之一。然而这些企业的投资回报前景仍充满不确定性，且短期内难以实现。
The rally is driven by just a handful of AI companies. Some of them have the earnings to back it up — Goldman Sachs expects Nvidia and Micron alone to account for a third of the S&P 500’s earnings growth in the current quarter — but the return on their investments is far from certain, and far from now. Alan Greenspan’s declaration that the Fed can’t deflate a bubble without wrecking the economy is far from economic canon but it’s holding up in the AI era.
艾伦·格林斯潘曾提出：美联储若试图刺破泡沫，往往会导致经济受损。这一观点虽未成为经济学界的定论，却在当前人工智能时代得到了印证。马克·扎克伯格与萨提亚·纳德拉并非那种能通过加息政策冷静下来的普通消费者；他们自视为历史中的伟大人物，正投身一场关乎存亡的竞赛，因此在股东施压前绝不会停止巨额开支。而他们的股东们对此也乐见其成。问题显而易见。
Mark Zuckerberg and Satya Nadella aren’t slaphappy consumers who can be sobered up by higher rates. They are self-styled great men of history in an existential race and won’t stop spending until their shareholders make them. Their shareholders are very happy. You see the problem. Notable“Increasingly, the market is running on one engine,”
值得注意的一点：《华尔街日报》在描述人工智能热潮时指出："如今市场几乎全靠单一引擎驱动，其他领域则大多表现疲软。"
The Wall Street Journal wrote of the AI boom, while “just about everything else is going down