Long-term US Treasury yields and the Dollar Index are experiencing a rare synchronized drop, coupled with a collective plunge in US compute power chain stocks, South Korea's KOSPI Index, and China's STAR 50 Index. Clearly, the market interpreted the information released during Anthropic's Pre-IPO Investor Day as a signal that AI capital expenditure has peaked. The immediate reaction? A full-blown retreat—sell early, stay comfy; sell late, get stuck at the top. The outlook suggests weak consolidation ahead, as the market waits to see if HyperScale cloud providers' Q3 earnings can beat expectations. If not, this AI bubble—driven by cyclical leverage and excessive issuance of corporate long-term debt—will burst. Once the AI bubble bursts, what’s left will be a pile of data centers with no power to run and Transformer models that can only be monetized in programming-related fields. By then, people will look back and realize that Transformers weren’t the path to AGI, but rather the road to bankruptcy and zero.