higher for longer
我的观点长期以来其实非常一致
1. 长端利率需要逐步上升justify growth
2. Credit spread需要变宽反应持续供应需求
3. 基础推动力是：AI的普及——真实💰的需求，高ROI与坚决抢跑般的capex（1-10我们大概在2～3）
4. 虽然股市multiple会别压缩、变得苛刻，但是AI公司增长会更加惊人
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coz cuda is no longer a moat
jensen has to fight for not just growth, but survival.
Question I have in mind — Jensen is already set for life, bubble or not
so why push GPU financing?
everyone knows this ends with wall st slicing it into structured debt and blowing up into a giant credit mess. he will become the scapegoat and lose all his reputation
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