Market situation: Meta mentioned in its financial report that the capital raising environment is becoming increasingly severe, despite revenue growth, cash flow is negative, and it has raised its capital expenditure guidance, resulting in a 7.0% drop in its stock price. Industry consensus: Industry leaders (such as CEOs of Broadcom, BlackRock, and Nvidia) have pointed out that capital competition is becoming extremely fierce, and capital may become the biggest constraint on the development of AI. · Bond market: treasury bond bond yields fell, reflecting investors' concern that limited access to capital may drag down AI, a key growth engine. Expert opinion (Yardeni Research): Positive perspective: Market driven capital tightening is actually healthy and helps reduce the risk of overinvestment through more efficient capital allocation. Financial capability: The five major cloud service giants (Amazon, Alphabet, Meta, Microsoft, Oracle) have strong cash flow and market access capabilities, and are expected to maintain over trillions of dollars in AI spending annually by 2030, enabling sustained investment.