After the Napoleonic Wars, the UK government’s debt once exceeded 200% of GDP, and by 1822, the debt ratio was still around 194%. However, the UK neither defaulted nor relied on short-term austerity to 'solve the problem.' Instead, it relied on three things: creditors’ confidence that the government would continue paying interest; a financial system capable of handling, trading, and rolling over government bonds; and fiscal discipline maintained over an extremely long cycle. Meanwhile, productivity and income growth brought by the Industrial Revolution gradually reduced the debt ratio. Recently, debates over U.S. debt have become a key variable driving market volatility. The surface question is: will the dollar continue to weaken? But to answer that, we must consider the historical context. We are at the early stages of the information technology revolution transitioning into the AI revolution. The true underlying support for the dollar isn’t just interest rates or the supply of government bonds, but whether the U.S. can continue to provide the world’s highest-return innovative assets, the deepest and safest capital markets, and the most credible institutions, rules, and alliance systems. AI is strengthening the first two; however, fiscal imbalances, policy uncertainty, and geopolitical fragmentation could erode the latter two. If AI can genuinely boost productivity, corporate profits, and the tax base, it could, like the Industrial Revolution, help the U.S. achieve 'growth-driven debt reduction' despite high debt levels. But if AI only inflates asset valuations and capital expenditures without translating into widespread productivity and fiscal revenue, it cannot replace fiscal consolidation and may instead amplify debt pressures in a high-interest-rate environment. So, the grand question facing investors today might be this: AI may not be America’s only hope, but it could be the greatest hope for the U.S. to manage the debt pressures of the old order without significantly sacrificing its fiscal and financial dominance.