[Bank of Korea: AI-Related Financial Vulnerabilities Are Accumulating; South Korea Must Be Wary of Risk Transmission] According to Jinse Finance, on October 27th, Kim Yoon-kyung, Section Chief of the Research Bureau of the Bank of Korea, and Wang Jae-gon, Investigation Officer, released a report titled "Main Characteristics and Risk Assessment of AI Industry Fundraising." The report points out that since the beginning of this year, hyperscale data center operators have significantly expanded external financing, primarily through long-term corporate bonds, while AI-dedicated cloud providers (Neocloud) have significantly expanded external financing through GPU-collateralized loans and convertible bonds, actively utilizing off-balance-sheet financing such as special purpose vehicles, joint ventures, and leasing. The scale of revolving transactions by hyperscale enterprises and AI chip manufacturers to lock in future revenue through supply chain investment and financial support is also increasing. The report argues that under this structure, the expected returns of the AI industry may be overestimated, and the ultimate risk exposure is difficult to identify, thus underestimating the risks. The report concludes that large leading companies have sound financial conditions, and the actual likelihood of AI financial risks occurring is low. However, in a long-term rising interest rate environment, vulnerabilities are gradually accumulating. The main risk factors are delayed AI monetization and the spread of revolving financial shocks, with particular attention needed to Neocloud, which has insufficient financial strength and low information transparency. The report emphasizes that South Korea is one of the biggest beneficiaries of the AI boom and is highly connected to the global supply chain. The transmission intensity of physical and financial shocks may be amplified than in the past, and potential vulnerabilities need to be continuously examined.