**[Bitunix Analyst: AI Capital Expenditure Raises Financing Pressure, Global Asset Reassessment of Interest Rates and Risk Aversion Needs]** BlockBeats News, October 22—Global markets are repricing AI financing, interest rates, and geopolitical risks. Former New York Federal Reserve Bank President Dudley warned that AI investments could cause interest rates to rise first and then fall: the short-term demand driven by data centers, chips, and electricity infrastructure competes for savings, pushing up financing costs. However, if capital expenditure peaks or highly leveraged corporate financing weakens, the investment and wealth effect may reverse and contract, forcing the Federal Reserve to cut rates more quickly, potentially leading to deviations in the steady interest rate path reflected by market pricing. Meta's third-quarter revenue grew 26% year-over-year to $64.6 billion, indicating that AI recommendation systems have improved advertising efficiency. However, the company raised its 2026 capital expenditure forecast to $135 billion–$145 billion, and free cash flow turned negative for the first time since 2012. U.S. Treasury Secretary Janet Yellen downplayed the systemic risks of AI, but investors still need to assess whether massive investments can translate into sustainable cash flow. Positive short-term stock performance does not mean capital recovery risks have disappeared. Funding pressures are also reflected in other markets. Japan's inflation has reduced the real burden of existing nominal debt, with former central bank officials estimating this has created approximately ¥195 trillion in "debtor benefits." However, the Bank of Japan's interest rate hikes will gradually increase refinancing costs for new debt. The U.S. plans to lend up to 315,000 barrels of heating oil reserves to ease winter supply pressures in the Northeast, but the limited release may not significantly lower retail prices. Meanwhile, privately held gold in Singapore has increased to approximately 800 tons over the past decade, about 16 times the amount in 2014, reflecting high-net-worth individuals' growing emphasis on asset custody locations and judicial risk. The attack on Black Sea merchant ships and crew casualties has pushed geopolitical risks to NATO's eastern flank, potentially increasing pressures on shipping insurance, energy supply, and defense spending. What the market needs to observe next is not just the trajectory of interest rates or oil prices but whether AI investments can generate sufficient returns, how financing costs are transmitted, and whether security risks continue to drive up supply chain costs.