<p>TradingKey - 當人工智能泡沫的 “第一滴雨” 落下時，沒有人預料到這會引發一場席捲全球金融市場的風暴。</p>
<p>Citrini Research 的一份廣泛流傳的報告描繪了一幅由人工智能驅動的 “失業大蕭條” 的圖景，令人不安的全球資本市場——投資者之前在人工智能技術上下注的巨大賭注現在顯現出動搖的跡象。</p>
<p>作為近期一系列 “悲觀” 分析中的最新一篇，它構建了一個 2028 年的假設場景：人工智能技術的快速迭代將大幅取代軟件和交付領域的角色，觸發一波行業裁員，最終將失業率推高至 10.2%。</p>
<p>這種假設的人工智能引發的衰退，一旦與抵押貸款和私募股權貸款的違約潮結合，將直接衝擊全球金融體系，甚至可能引發美國股市崩盤和信貸市場凍結，拖累整體經濟。顯然，這份報告準確觸動了市場參與者對人工智能潛在負面影響的焦慮。</p>
<p>事實上，投資者的擔憂已經在資本市場的動向中有所反映，他們繼續拋售軟件公司和容易被自動化取代的行業的股票。今年以來，美國軟件股票指數累計下跌了 24%。</p>
<p>值得注意的是，軟件行業的持續調整可能會直接影響依賴這些資產的私募信貸產品；相關風險不容忽視。</p>
<p>商業發展公司（BDCs）雖然在公共市場上交易，但大多由大型私募股權公司管理，運作方式類似於私募股權，核心關注當前收入和資本增值。軟件行業的持續調整可能會直接影響依賴這些資產的私募信貸產品；相關風險不容忽視。</p>
<p>巴克萊（BCS）報告的數據也證實了這一風險，顯示 BDCs 行業的風險高度集中在軟件領域，約佔 20%，使其資產質量對近期軟件股價和相關信貸估值的下跌高度脆弱。</p>
<h2>私募信貸危機迫在眉睫</h2>
<p>萬億美元的全球私募信貸市場正面臨其最嚴峻的挑戰——近期連續報告的企業破產、欺詐指控和基金贖回凍結，剝去了市場的 “華麗外衣”。私募信貸在 2008 年金融危機後，在低利率和寬鬆流動性下瘋狂擴張，現在暴露出其脆弱的基礎。</p>
<p>恐慌目前正在迅速蔓延至市場。</p>
<p>Fourier Asset Management 的首席投資官 Orlando Gemes 發出嚴厲警告：“我們今天在私募信貸中看到的紅旗與 2007 年金融危機前的情況驚人相似。”</p>
<p>他特別提到，借款人保護的持續削弱，加上覆雜的流動性條款，“掩蓋了投資者對 ‘隨時可流動資產’ 的認知與實際 ‘真正可以退出的資產’ 之間的錯位。”</p>
<p>作為私募信貸市場的 “晴雨表”，商業發展公司的困境持續發酵。德意志銀行（DB）數據顯示，這些上市機構對私募信貸和軟件行業的高配置，使其股票價格對淨資產價值（NAV）的折扣攀升至自 COVID-19 疫情以來未見的高峰。</p>
<p>與此同時，像 KKR（KKR）、貝萊德（BLK）等頂級資產管理公司旗下的 BDCs，正遭遇股票價格暴跌、高壞賬和贖回潮的三重擠壓。</p>
<p>上週，Blue Owl Capital（OWL）宣佈對其 OBDC II 基金實施永久性贖回限制，並計劃分階段清算資產，以每季度向投資者返還現金——這意味着投資者完全失去了自主贖回的選項，之前允許每季度提取 5% 基金現金的規則被直接取消。</p>
<p>早在 2025 年 9 月，汽車零部件製造商 First Brands 和次級貸款機構 Tricolor Holdings 的破產點燃了市場對高槓杆借款人風險的擔憂。更重要的是，這兩家公司得到了包括瑞銀（UBS）O'Connor 和傑富瑞（JEF）金融集團在內的幾家知名銀行的支持，這些銀行向它們提供了數億美元的貸款，導致市場擔心風險傳導到金融系統。</p>
<h2>私募信貸對金融系統的連鎖反應</h2>
<p>摩根大通（JPM）首席執行官 Jamie Dimon 曾對此發出警告：過去十年企業信貸環境過於寬鬆，“當你看到一隻蟑螂時，可能還有許多在陰影中。” 這一警告很快在資本市場上得到了呼應，投資者開始瘋狂拋售與高風險借款人相關的資產。</p>
<p>穆迪的數據表明，美國大型銀行已向私募信貸機構提供了約 3000 億美元的貸款，這些資金助長了私募信貸行業的擴張。在特朗普政府期間，私募債務產品進一步滲透到數百萬普通美國投資者的經紀和退休賬户中，這意味着風險傳導的範圍可能遠超預期。</p>
<p>更令人擔憂的是非銀行金融中介（NBFIs）的快速擴張。紐約聯邦儲備銀行的最新研究顯示，NBFIs 在全球金融資產中的份額已超過 50%，在美國高達 60%，其對金融系統的影響持續增強。</p>
<p>這個 “多層嵌套” 的風險傳遞鏈需要特別關注。儘管自金融危機以來，銀行已減少對實體經濟的直接貸款，但它們通過向非銀行金融機構（NBFIs）發放高級貸款，間接參與後續的信貸分配，這些非銀行金融機構再將資金作為次級信貸貸給最終借款人。</p>
<p>一旦中間環節出現問題，風險很可能沿着鏈條向後傳遞至銀行系統。美聯儲副主席鮑曼指出，金融危機前，銀行發放了 60% 的抵押貸款，而如今這一比例幾乎減半，許多借款人轉向非銀行貸款機構，使金融系統的結構更加複雜。</p>
<h2>信用風險會引發美國股票的隱患嗎？</h2>
<p>從人工智能行業的破壞性影響到私人信貸市場危機的出現，一系列連鎖反應可能使美國股票甚至美國經濟面臨黑天鵝風險。</p>
<p>摩根大通首席執行官傑米·戴蒙在週一的年度投資者日上對美國經濟發出了警告——當前高資產價格和銀行業激烈競爭的市場環境讓他想起了 2008 年金融危機前的情況。</p>
<p>儘管許多經濟學家對特朗普政府的減税和放鬆監管政策持樂觀態度，認為這些政策將推動美國經濟在今年增長，但戴蒙依然異常謹慎。他承認，他更傾向於在市場預期高漲時預見潛在風險。</p>
<p>‘我個人認為人們有些盲目樂觀——認為當前的高資產價格和巨大的交易量是常態，未來不會出現任何問題，’ 戴蒙在會議上表示。‘週期總會轉變……我不知道觸發因素是什麼，但我對此非常擔憂。高資產價格並沒有讓我感到安全；相反，我覺得風險在不斷積累。’</p>
<p>在他看來，經濟週期的更替是一個不可避免的趨勢。一旦週期轉變，一波借款人違約將隨之而來，影響的不僅是貸款人，往往還會波及到人們最意想不到的行業。</p>
<p>‘信用週期中總會出現一些意想不到的情況，通常最令人驚訝的行業最終受到的打擊最重，’ 戴蒙舉例説道。‘在 2008 年和 2009 年，沒有人預料到公用事業和電信公司會受到影響，但這次，人工智能的崛起可能會將軟件行業置於前線。’</p>
<p>關於私人信貸市場的風險，戴蒙對他的副手們的判斷表示完全贊同。摩根大通商業與投資銀行聯席主管特洛伊·羅爾巴赫在活動中指出，目前的信貸問題不會僅限於私人信貸領域，而可能 ‘擴散到更廣泛的市場。’</p>
<p>他提到：‘目前，風險似乎只在局部出現，但這種情況隨時可能改變，我們對此做好了準備。’</p>
<p>戴蒙最後重申，當前的市場環境與 2008 年金融危機前的三年驚人相似：‘每個人都賺了很多錢，槓桿率很高，大家都認為一切皆有可能，但風險往往隱藏在這種盲目的樂觀中。’</p>
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標普 500 指數股票型基金

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<p>Citrini Research 的一份報告警告稱，到 2028 年可能會出現由人工智能引發的經濟衰退，預計將導致大規模失業，並對全球金融市場產生重大影響。美國軟件股指數今年已下跌 24%，反映了投資者的擔憂。私人信貸市場面臨嚴重挑戰，企業破產和流動性問題不斷增加，令人想起 2007 年的金融危機。商業發展公司（BDCs）尤其脆弱，股價暴跌，並且開始實施贖回限制。私人信貸與更廣泛金融體系的相互關聯性引發了潛在危機的擔憂</p>

<p>TradingKey - When the 'first raindrops' of the AI bubble fell, no one expected it to trigger a storm that would sweep through global financial markets.</p>
<div class="lb-trans"><p>TradingKey - 當人工智能泡沫的 “第一滴雨” 落下時，沒有人預料到這會引發一場席捲全球金融市場的風暴。</p>
</div><p>A widely circulated report from Citrini Research paints a picture of an AI-driven 'mass unemployment dystopia,' unsettling global capital markets—the massive bets investors previously placed on AI technology are now showing signs of wavering.</p>
<div class="lb-trans"><p>Citrini Research 的一份廣泛流傳的報告描繪了一幅由人工智能驅動的 “失業大蕭條” 的圖景，令人不安的全球資本市場——投資者之前在人工智能技術上下注的巨大賭注現在顯現出動搖的跡象。</p>
</div><p>As the latest in a series of recent 'pessimistic' analyses exploring the disruptive effects of AI, it constructs a hypothetical scenario for 2028: the rapid iteration of AI technology will largely replace roles in software and delivery, triggering a wave of industry layoffs and eventually pushing the unemployment rate up to 10.2%.</p>
<div class="lb-trans"><p>作為近期一系列 “悲觀” 分析中的最新一篇，它構建了一個 2028 年的假設場景：人工智能技術的快速迭代將大幅取代軟件和交付領域的角色，觸發一波行業裁員，最終將失業率推高至 10.2%。</p>
</div><p>This hypothetical AI-induced recession, once combined with a wave of defaults in mortgages and private equity loans, would directly hit the global financial system and could even trigger a crash in U.S. stocks and a freeze in credit markets, dragging down the overall economy. Clearly, this report has precisely struck a nerve regarding market participants' anxiety over the potential negative impacts of AI.</p>
<div class="lb-trans"><p>這種假設的人工智能引發的衰退，一旦與抵押貸款和私募股權貸款的違約潮結合，將直接衝擊全球金融體系，甚至可能引發美國股市崩盤和信貸市場凍結，拖累整體經濟。顯然，這份報告準確觸動了市場參與者對人工智能潛在負面影響的焦慮。</p>
</div><p>In fact, investor concerns are already reflected in capital market movements, as they continue to sell off stocks in software companies and industries easily replaceable by automation. Year-to-date, the U.S. software stock index has fallen by a cumulative 24%.</p>
<div class="lb-trans"><p>事實上，投資者的擔憂已經在資本市場的動向中有所反映，他們繼續拋售軟件公司和容易被自動化取代的行業的股票。今年以來，美國軟件股票指數累計下跌了 24%。</p>
</div><p>It is worth noting that the ongoing correction in the software industry could directly impact private credit products that rely on such assets; the associated risks cannot be ignored.</p>
<div class="lb-trans"><p>值得注意的是，軟件行業的持續調整可能會直接影響依賴這些資產的私募信貸產品；相關風險不容忽視。</p>
</div><p>Business Development Companies (BDCs), while traded on public markets, are mostly managed by large private equity firms and operate similarly to private equity, with a core focus on current income and capital appreciation. The ongoing correction in the software industry could directly impact private credit products that rely on such assets; the associated risks cannot be ignored.</p>
<div class="lb-trans"><p>商業發展公司（BDCs）雖然在公共市場上交易，但大多由大型私募股權公司管理，運作方式類似於私募股權，核心關注當前收入和資本增值。軟件行業的持續調整可能會直接影響依賴這些資產的私募信貸產品；相關風險不容忽視。</p>
</div><p>Barclays ( BCS) report data also corroborates this risk, showing that BDC industry exposure is highly concentrated in the software sector, at approximately 20%, making their asset quality highly vulnerable to recent declines in software stock prices and related credit valuations.</p>
<div class="lb-trans"><p>巴克萊（BCS）報告的數據也證實了這一風險，顯示 BDCs 行業的風險高度集中在軟件領域，約佔 20%，使其資產質量對近期軟件股價和相關信貸估值的下跌高度脆弱。</p>
</div><h2>Private Credit Crisis Looming</h2>
<div class="lb-trans"><h2>私募信貸危機迫在眉睫</h2>
</div><p>The trillion-dollar global private credit market is facing its most severe challenge yet—recent consecutive reports of corporate bankruptcies, fraud allegations, and fund redemption freezes have stripped away the market's 'glamorous facade.' Private credit, which expanded frantically under low interest rates and loose liquidity following the 2008 financial crisis, is now exposing its fragile foundations.</p>
<div class="lb-trans"><p>萬億美元的全球私募信貸市場正面臨其最嚴峻的挑戰——近期連續報告的企業破產、欺詐指控和基金贖回凍結，剝去了市場的 “華麗外衣”。私募信貸在 2008 年金融危機後，在低利率和寬鬆流動性下瘋狂擴張，現在暴露出其脆弱的基礎。</p>
</div><p>Panic is currently spreading rapidly through the market.</p>
<div class="lb-trans"><p>恐慌目前正在迅速蔓延至市場。</p>
</div><p>Orlando Gemes, Chief Investment Officer at Fourier Asset Management, issued a stern warning: 'The red flags we are seeing in private credit today are strikingly similar to the situation leading up to the 2007 financial crisis.'</p>
<div class="lb-trans"><p>Fourier Asset Management 的首席投資官 Orlando Gemes 發出嚴厲警告：“我們今天在私募信貸中看到的紅旗與 2007 年金融危機前的情況驚人相似。”</p>
</div><p>He specifically mentioned that the continuous weakening of lender protections, combined with complex liquidity terms, 'masks the mismatch between investors' perception of &#34;readily liquid assets&#34; and the actual &#34;assets that can truly be exited.&#34;'</p>
<div class="lb-trans"><p>他特別提到，借款人保護的持續削弱，加上覆雜的流動性條款，“掩蓋了投資者對 ‘隨時可流動資產’ 的認知與實際 ‘真正可以退出的資產’ 之間的錯位。”</p>
</div><p>As a 'barometer' for the private credit market, the predicament of Business Development Companies (BDCs) continues to fester. Deutsche Bank ( DB) data shows that these listed institutions, which have high allocations to private credit and the software industry, are seeing their stock price discounts to Net Asset Value (NAV) climb to peaks not seen since the COVID-19 pandemic.</p>
<div class="lb-trans"><p>作為私募信貸市場的 “晴雨表”，商業發展公司的困境持續發酵。德意志銀行（DB）數據顯示，這些上市機構對私募信貸和軟件行業的高配置，使其股票價格對淨資產價值（NAV）的折扣攀升至自 COVID-19 疫情以來未見的高峰。</p>
</div><p>Meanwhile, BDCs under top asset managers like KKR ( KKR ), BlackRock ( BLK) and others that target individual investors are caught in a triple squeeze of plunging stock prices, high bad debts, and redemption runs.</p>
<div class="lb-trans"><p>與此同時，像 KKR（KKR）、貝萊德（BLK）等頂級資產管理公司旗下的 BDCs，正遭遇股票價格暴跌、高壞賬和贖回潮的三重擠壓。</p>
</div><p>Last week, Blue Owl Capital ( OWL) announced permanent redemption restrictions on its OBDC II fund, along with plans to liquidate assets in stages to return cash to investors quarterly—this means investors have completely lost the option for autonomous redemptions, and the previous rule allowing 5% fund cash withdrawals per quarter was directly canceled.</p>
<div class="lb-trans"><p>上週，Blue Owl Capital（OWL）宣佈對其 OBDC II 基金實施永久性贖回限制，並計劃分階段清算資產，以每季度向投資者返還現金——這意味着投資者完全失去了自主贖回的選項，之前允許每季度提取 5% 基金現金的規則被直接取消。</p>
</div><p>As early as September 2025, the bankruptcies of auto parts manufacturer First Brands and subprime lender Tricolor Holdings ignited market fears over risks from highly leveraged borrowers. More importantly, these two companies were backed by several well-known banks, including UBS ( UBS) O'Connor and Jefferies ( JEF) Financial Group, which had extended hundreds of millions of dollars in loans to them, leading the market to worry about risk transmission into the financial system.</p>
<div class="lb-trans"><p>早在 2025 年 9 月，汽車零部件製造商 First Brands 和次級貸款機構 Tricolor Holdings 的破產點燃了市場對高槓杆借款人風險的擔憂。更重要的是，這兩家公司得到了包括瑞銀（UBS）O'Connor 和傑富瑞（JEF）金融集團在內的幾家知名銀行的支持，這些銀行向它們提供了數億美元的貸款，導致市場擔心風險傳導到金融系統。</p>
</div><h2>Chain Reaction from Private Credit to the Financial System</h2>
<div class="lb-trans"><h2>私募信貸對金融系統的連鎖反應</h2>
</div><p>JPMorgan Chase ( JPM) CEO Jamie Dimon once issued a warning on this: the corporate credit environment has been too loose over the past decade, and 'when you see one cockroach, there are probably many more in the shadows.' This warning was soon echoed in the capital markets, as investors began a frantic sell-off of assets related to high-risk borrowers.</p>
<div class="lb-trans"><p>摩根大通（JPM）首席執行官 Jamie Dimon 曾對此發出警告：過去十年企業信貸環境過於寬鬆，“當你看到一隻蟑螂時，可能還有許多在陰影中。” 這一警告很快在資本市場上得到了呼應，投資者開始瘋狂拋售與高風險借款人相關的資產。</p>
</div><p>Moody's data shows that large U.S. banks have extended approximately $300 billion in loans to private credit institutions, funding that has fueled the expansion of the private credit industry. During the Trump administration, private debt products further penetrated the brokerage and retirement accounts of millions of ordinary American investors, meaning the scope of risk transmission could far exceed expectations.</p>
<div class="lb-trans"><p>穆迪的數據表明，美國大型銀行已向私募信貸機構提供了約 3000 億美元的貸款，這些資金助長了私募信貸行業的擴張。在特朗普政府期間，私募債務產品進一步滲透到數百萬普通美國投資者的經紀和退休賬户中，這意味着風險傳導的範圍可能遠超預期。</p>
</div><p>Even more alarming is the rapid expansion of non-bank financial intermediaries (NBFIs). Recent research from the New York Fed shows that NBFIs' share of global financial assets has exceeded 50%, and is as high as 60% in the U.S., with their influence on the financial system continuously amplifying.</p>
<div class="lb-trans"><p>更令人擔憂的是非銀行金融中介（NBFIs）的快速擴張。紐約聯邦儲備銀行的最新研究顯示，NBFIs 在全球金融資產中的份額已超過 50%，在美國高達 60%，其對金融系統的影響持續增強。</p>
</div><p>This 'multi-layered nested' risk transmission chain requires particular attention. Although banks have reduced direct lending to the real economy since the financial crisis, they participate indirectly in subsequent credit allocation by issuing senior loans to NBFIs—which then lend the funds as junior credit to end-borrowers.</p>
<div class="lb-trans"><p>這個 “多層嵌套” 的風險傳遞鏈需要特別關注。儘管自金融危機以來，銀行已減少對實體經濟的直接貸款，但它們通過向非銀行金融機構（NBFIs）發放高級貸款，間接參與後續的信貸分配，這些非銀行金融機構再將資金作為次級信貸貸給最終借款人。</p>
</div><p>Once a problem occurs in the intermediate links, risks are likely to transmit backward along the chain to the banking system. Fed Vice Chair Bowman noted that banks issued 60% of mortgages before the financial crisis, whereas today that proportion has nearly halved, with many borrowers turning to non-bank lenders, making the structure of the financial system more complex.</p>
<div class="lb-trans"><p>一旦中間環節出現問題，風險很可能沿着鏈條向後傳遞至銀行系統。美聯儲副主席鮑曼指出，金融危機前，銀行發放了 60% 的抵押貸款，而如今這一比例幾乎減半，許多借款人轉向非銀行貸款機構，使金融系統的結構更加複雜。</p>
</div><h2>Could Credit Risk Trigger a Hidden Threat to U.S. Stocks?</h2>
<div class="lb-trans"><h2>信用風險會引發美國股票的隱患嗎？</h2>
</div><p>From the disruptive impact of the AI industry to the emergence of crises in the private credit market, a series of chain reactions could expose U.S. stocks and even the U.S. economy to black swan risks.</p>
<div class="lb-trans"><p>從人工智能行業的破壞性影響到私人信貸市場危機的出現，一系列連鎖反應可能使美國股票甚至美國經濟面臨黑天鵝風險。</p>
</div><p>JPMorgan Chase CEO Jamie Dimon issued a warning about the U.S. economy at Monday's annual investor day—the current market environment of high asset prices and cutthroat competition in the banking industry reminded him of the situation before the 2008 financial crisis.</p>
<div class="lb-trans"><p>摩根大通首席執行官傑米·戴蒙在週一的年度投資者日上對美國經濟發出了警告——當前高資產價格和銀行業激烈競爭的市場環境讓他想起了 2008 年金融危機前的情況。</p>
</div><p>While many economists are optimistic about the Trump administration's tax cuts and deregulation policies, believing they will drive U.S. economic growth this year, Dimon remained exceptionally cautious. He admitted that he prefers to anticipate potential risks while market expectations are high.</p>
<div class="lb-trans"><p>儘管許多經濟學家對特朗普政府的減税和放鬆監管政策持樂觀態度，認為這些政策將推動美國經濟在今年增長，但戴蒙依然異常謹慎。他承認，他更傾向於在市場預期高漲時預見潛在風險。</p>
</div><p>'I personally think people are getting a little blindly optimistic—thinking that current high asset prices and massive trading volumes are the norm and that there won't be any problems in the future,' Dimon said at the meeting. 'The cycle will turn one day... I don't know what the trigger will be, but I'm very anxious about it. High asset prices don't make me feel safe; instead, I feel that risks are continuously accumulating.'</p>
<div class="lb-trans"><p>‘我個人認為人們有些盲目樂觀——認為當前的高資產價格和巨大的交易量是常態，未來不會出現任何問題，’ 戴蒙在會議上表示。‘週期總會轉變……我不知道觸發因素是什麼，但我對此非常擔憂。高資產價格並沒有讓我感到安全；相反，我覺得風險在不斷積累。’</p>
</div><p>In his view, the succession of economic cycles is an inevitable trend. Once the cycle turns, a wave of borrower defaults will follow, affecting not just lenders but often spilling over into industries people least expect.</p>
<div class="lb-trans"><p>在他看來，經濟週期的更替是一個不可避免的趨勢。一旦週期轉變，一波借款人違約將隨之而來，影響的不僅是貸款人，往往還會波及到人們最意想不到的行業。</p>
</div><p>'There are always some unexpected situations in the credit cycle, and usually the most surprising industries end up being hit the hardest,' Dimon cited as an example. 'In 2008 and 2009, no one expected utilities and telecom companies to be affected, but this time, the rise of artificial intelligence could put the software industry on the front lines.'</p>
<div class="lb-trans"><p>‘信用週期中總會出現一些意想不到的情況，通常最令人驚訝的行業最終受到的打擊最重，’ 戴蒙舉例説道。‘在 2008 年和 2009 年，沒有人預料到公用事業和電信公司會受到影響，但這次，人工智能的崛起可能會將軟件行業置於前線。’</p>
</div><p>Regarding the risks in the private credit market, Dimon expressed complete agreement with his deputies' judgments. Troy Rohrbaugh, Co-Head of Commercial &amp; Investment Banking at JPMorgan, pointed out during the event that current credit issues will not be limited to the private credit sector but could 'spread to the broader market.'</p>
<div class="lb-trans"><p>關於私人信貸市場的風險，戴蒙對他的副手們的判斷表示完全贊同。摩根大通商業與投資銀行聯席主管特洛伊·羅爾巴赫在活動中指出，目前的信貸問題不會僅限於私人信貸領域，而可能 ‘擴散到更廣泛的市場。’</p>
</div><p>He mentioned: 'For now, risks seem to be appearing only locally, but that situation could change at any time, and we are prepared for it.'</p>
<div class="lb-trans"><p>他提到：‘目前，風險似乎只在局部出現，但這種情況隨時可能改變，我們對此做好了準備。’</p>
</div><p>Dimon finally reiterated that the current market environment is strikingly similar to the three years preceding the 2008 financial crisis: 'Everyone is making a lot of money, leverage is high, and everyone thinks everything is possible, but risk is often hidden in this kind of blind optimism.'</p>
<div class="lb-trans"><p>戴蒙最後重申，當前的市場環境與 2008 年金融危機前的三年驚人相似：‘每個人都賺了很多錢，槓桿率很高，大家都認為一切皆有可能，但風險往往隱藏在這種盲目的樂觀中。’</p>
</div><p>Find out more</p>
<div class="lb-trans"><p>瞭解更多</p>
</div>

AI Doomsday Prophecies Spook Markets? Are We on the Eve of Another Financial Crisis?

- AI 技術引發的潛在失業潮可能導致 2028 年失業率升至 10.2%。
- 私人信貸市場面臨破產和流動性危機，影響金融系統穩定。
- JPMorgan 首席執行官警告高資產價格下的風險可能導致經濟危機。

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AI 末日預言是否嚇壞了市場？我們是否正處於另一場金融危機的前夕？