文章核心观点 - 主要科技公司承诺在人工智能基础设施和数据中心投入数十亿美元支出，推动AI股飙升和估值提升 [1] - 分析师警告AI相关资本支出周期可能结束，或预示当前牛市终结 [1] - 当前市场反弹预计将持续，但需对AI领域未来发展保持警惕 [3][4] 资本支出周期分析 - 科技公司在AI领域的新资本支出是典型的资本支出周期案例 [2] - 多数此类资本支出周期结局不佳，伴随熊市甚至经济衰退 [2][3] - 若整体经济表现不够强劲，AI资本支出周期结束可能导致熊市或衰退 [3] 当前市场趋势 - 市场反弹料将持续，多数股票高于其50日和200日移动平均线 [3] - 行业内部多数较小板块呈上涨趋势，预计第四季度市场保持积极 [3] - 巨型科技公司拥有强劲现金储备和支出能力，可能使AI引领的反弹持续时间超过以往泡沫周期 [4] 投资机会与轮动 - 市场始终存在牛市机会，若资金从AI股轮动，投资者可在其他板块寻找机会 [4] - 以2000年为例，罗素2000价值指数下跌5%，而标普指数下跌近50%，显示市场轮动后存在其他投资焦点 [5]

Our next guest says the AI trade remains on solid footing and hyperscalers are generating enough cash flow to invest in AI with one hand and return cash to shareholders with the other. Joining us now is Venu Krishna, head of US equity strategy at Barclays. Veno, great to uh to catch up with you.So I guess there's no real doubt that the the Microsofts and Amazons and everybody else certainly have uh the free cash flow, the Metas to do all this at this point. Um, does that speak to whether they're going to be ...