摘要：Alphabet和微软第三季度人工智能资本支出均未达预期，这戳破了人工智能基础设施泡沫。
Summary Alphabet and Microsoft both missed AI capex expectations for Q3 - this bursts the AI infrastructure bubble.
卡特彼勒报告库存增加22%；这表明生产过剩，并印证了人工智能资本支出放缓的观点。
Caterpillar reported a 22% increase in inventory; this signals overproduction and confirms the AI capex slowing thesis.
ServiceNow报告人工智能年合同价值强劲，但营收指引疲软，表明人工智能变现落后于人工智能采用。
ServiceNow reports strong AI ACV but provides weak revenue guidance, indicating that AI monetization is lagging AI adoption.
财报公布后，这三只股票暴跌10%至27%；这就是泡沫破裂的样子。
These three stocks crashed after the report by 10-27%; that's what the bubble burst looks like.
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