American Conspiracy, American Narrative Logic (III) This creates a dynamic equilibrium: individual investors may appear to be trading in the short term, but overall funds remain in the dream assets of the United States; A single company may seem expensive in valuation, but the entire industry chain has gained financing capability; A single IPO may seem like drawing blood, but if it can attract global incremental capital inflows, it is not just drawing blood, but rebuilding a new dollar reservoir. Another important detail here is the unlocking arrangement for super IPOs. If it's a traditional IPO, what are people most afraid of? I am afraid that once the 180 day lock up period expires, old shareholders, employees, and early investors will all smash the market, causing a sudden surge in circulating stocks and putting pressure on the stock price. But if the lifting of restrictions is phased, releasing circulating shares in batches, it is not only protecting the company's stock price, but also managing the market rhythm. It allows time for funds to be digested, institutions to adjust their positions, retail investors to form expectations, and the entire market to complete turnover in a relatively orderly rhythm rather than suddenly being hit by a large pile of chips. If you look at these details together, you will find that this matter is not that simple. SpaceX went first, not just because it was popular, but because it was best suited to be the first. It has Musk, fans, space narratives, super valuations, and the strongest faith attributes. The first thing to test is the market's tolerance limit: how much can a big enough dream sell for today? Are global capital willing to pay the bill? If Anthropic, OpenAI and other AI giants continue to take over in the future, the types of funds they will absorb will be different. Anthropic is more suitable for attracting relatively rational institutional funds because its corporate clients, security models, and commercialization paths are more easily told as fundamental stories by institutions; OpenAI is the most widely recognized AI brand among the public, and it is suitable for a wider range of fund closing. You see, there are layers here: SpaceX attracts faith funds, Anthropic attracts institutional funds, OpenAI attracts public funds, and global technology funds. Money with different risk preferences is drawn into the same new narrative in batches, ultimately becoming the fuel for the American AI industry revolution. But that's not the most crucial thing. The most crucial aspect is that the US government is beginning to consider investing in AI companies. On the surface, this sounds like the government wants ordinary people to share in the dividends of AI, such as if AI creates a large amount of profits in the future, the government can obtain returns through shareholding, and then use these returns for public spending or establish some kind of public wealth fund. This statement sounds very reasonable and effective. But if we look deeper, its significance may go far beyond distribution issues, but rather credit issues. What is the biggest problem for the United States now? It's not that there are no companies making money, nor is there a lack of technological innovation, but rather that the country's balance sheet is becoming increasingly ugly: debt is getting higher, interest rates are getting more expensive, fiscal deficits are getting bigger, and buyers of US bonds are becoming more picky. What did the United States rely on to maintain its credit in the past? Relying on US dollar hegemony, military hegemony, financial market depth, global trade settlement system, and US economic growth. But now these things are under pressure, and US bonds are no longer the only brainless choice for global funds. What would happen if the US government really holds equity in a group of AI companies? The asset side of the federal government is equivalent to an additional batch of high growth assets representing future productivity. They may not be able to be used directly to repay debts, but they can increase trust. Because the market will see that the US government not only owes a bunch of debts, but also binds to the core industrial assets of the future. The higher the valuation of AI companies, the more inflated the US government's asset side; The stronger the narrative of the AI industry, the easier it is for US sovereign credit to be repackaged. The more global investors believe that the United States is in control of the next productivity revolution, the more willing they are to continue holding US dollar assets. This is the most impressive part: 1. The United States will first use AI to add space to its dream assets, sucking back the US dollars that are unwilling to continue flowing back into US bonds into the US equity market and the US technology industry. 2. The US government binds these enterprises to national credit through equity, policies, regulation, procurement, and infrastructure support. When the valuations of these companies continue to expand, the United States can transform its future industrial advantages into today's credit endorsements. Finally, trade surplus countries, sovereign funds, and global institutions may once again believe that although the United States has high debt, it holds the future; Although US Treasury yields are high, there is a new growth narrative behind the US dollar system. So as I mentioned earlier, traditional financial crises may become increasingly difficult to erupt, not because the risks have disappeared, but because the crisis has been postponed, transferred, and packaged into a larger pool of dream assets. In the past, when the foam was big, the Federal Reserve raised interest rates to pierce, and then cut interest rates to save the market; Now that this set of tools is limited, the United States has another way: instead of directly puncturing the foam, it uses super IPO to slowly deflate the old system; Not directly forcing funds to buy US bonds, but using AI and space to suck back global dollars; Not directly acknowledging fiscal pressure, but using future industrial assets to re fund national credit.