[Orient Securities Sun Jinxia: The U.S. AI narrative faces dual constraints of high interest rates and investment returns, and the sustainability of technology investment is being tested] On October 31, Sun Jinxia, ​​deputy director of the Orient Securities Research Institute, believed that U.S. AI investment still has broad development prospects at the industrial level, but its growth model is highly dependent on capital-intensive investment and is facing multiple pressures such as rising financing needs and costs, and lagging commercialization returns. The U.S. AI narrative is shifting from the competition of investment scale in the past to the test of investment return and sustainability. Sun Jinxia said that the growth momentum of AI investment in the United States is currently slowing down, and risks are spreading from the bond market to the stock market. Recently, the credit spread of American AI companies has widened, and some highly leveraged computing power companies have experienced financing pressure. Subsequently, risks have begun to be transmitted from the bond market to the stock market, and the adjustment pressure on technology stocks has increased.