[Perpetual Contract Inventor Arthur Hayes: Only AI Stocks Are Rising in Global Capital Markets, Other Sectors Are Struggling] Arthur Hayes stated during the May 22 episode of 'The Rollup' podcast that currently, only AI stocks are rising in global capital markets, while other sectors have essentially stalled. He analyzed three underlying reasons: consumer unemployment leading to shrinking demand, AI giants absorbing all available global credit, and governments prioritizing AI capital expenditures, thereby squeezing financing opportunities for other industries. Hayes bluntly remarked that this is not a 'rising tide lifts all boats' bull market. Even in crypto, only a few tokens are gaining strength, while for most people, this is a challenging period.