Seeking Alpha评论汇总AI资本开支见顶担忧：债券无视通胀走强、CoreWeave债息飙至15%、芯片股年内第四次10%回调

Bond traders now are shelving the central bank playbook, seemingly shrugging off scorching inflation prints to obsess instead over whether the AI investment cycle is showing signs of fatigue. In textbook market regimes, back-to-back hotter-than-expected inflation prints trigger selling in Treasury securities, sending yields ( SHY ) ( TLT ) ( ZROZ ) higher as traders brace for Federal Reserve tightening . Instead, yields are pulling back markedly this week even as fresh consumer and wholesale inflation both exceed expectations. This unusual dynamic comes in the wake of sentiment jitters stemming from concerns that AI infrastructure spending could slow, with Anthropic's ( ANTHRO ) Q3 revenue growth cooling down. Conor Sen, founder of Peachtree Creek Investments, labeled the counterintuitive bond rebound "intellectually devastating for the Fed and tech supporters," he wrote in a social media post. In his view, the market's indifference to persistent inflation signals a growing conviction that recent upward pressure on long-end yields was driven by the massive capex demands of the AI buildout rather than traditional cyclical overheating—undermining the belief that conventional Fed rate tightening is the main force steering the economy . "If the AI boom is truly ending (which seems premature) the whole 2027 outlook has just shifted," TS Lombard macro strategist Dario Perkins replied to Sen's post. Sen clarified that while he does not believe the AI expansion is over, the market's skittishness serves as a useful reality check demonstrating that tech hyperscalers ( META ) ( MSFT ) ( AMZN ) ( GOOG ) ( GOOGL ) ( ORCL ) "bleed like anyone else." Perkins echoed the need for macro discipline, dismissing the tech sector's ( XLK ) persistent conviction that monetary gravity does not apply to them: "never really understood the 'rate hikes don't matter' thesis. People say that every time." Investors have become more sensitive to signs of slowing growth at leading AI labs, with semiconductor stocks ( SMH ) ( SOXX ) sliding last week amid confusion over OpenAI’s ( OPENAI ) annualized revenue. Chip stocks this week entered their fourth correction of at least 10% since early June, marking the most such declines within a comparable period since late 2002 Compounding that anxiety, bonds issued by AI infrastructure provider CoreWeave ( CRWV ) recently slid into distressed territory, with yields on its longer-dated notes spiking to a record 15% on Wednesday, as the company's stock continued to plunge, now down 25% just in the last five trading sessions. A report by Gartner predicted 80% of neoclouds will cease independent operations by 2030 if AI infrastructure spending continues at its breakneck speed.