Bitunix Analyst: AI Capital Expenditure Enters Return-on-Demand Phase, Financing Risks Spread Along the Industry Chain

Market concerns have raised questions about the cash flow conversion capabilities of tech giants. Alphabet shares fell approximately 12.6% after its earnings report, Intel shares fell 28.58%, and Nasdaq shares fell 2% for the week. OpenAI lowered its fundraising target from $30 billion to $20 billion, reducing its target valuation from $14 billion to $125 billion. Barclays is exploring purchasing credit default protection for over $10 billion in AI infrastructure loans, extending its credit exposure to construction, equipment, and materials suppliers.