The bursting of the memory chip foam did not impact the US stock market, and AI investment relies on debt financing for risk

According to the Wall Street Journal, this round of memory chip foam burst did not cause a systematic impact on the overall U.S. stock market, and the S&P 500 index fell only 1.6% from its historical high. Strategy's high point fell by 83%, Trump Media's stock price fell by 89%, and SK Hynix fell by 55% at one point. Macro strategist Russell Napier stated that the banking system is healthy, but AI investment is entering a dangerous zone. The data center expenditure is expected to reach $7 trillion in the next four years. If AI productivity improvement is not enough to support investment, capital mismatch will damage the economy, and AI's reliance on debt financing may impact the financial system when the foam bursts.