This week, the Nasdaq 100 Index recorded its worst two-week performance since April last year, with a basket of AI-related stocks plummeting 4.9% in a single week. Following Meta CEO Mark Zuckerberg's announcement of future spending of approximately $825 billion on AI infrastructure, the company's stock price plunged over 9% this week, and its credit risk indicators rose to historical highs.

Meanwhile, the US Treasury market saw a strong reversal, with the 10-year US Treasury yield falling below 5% for the first time in a month. Bond fund inflows have reached approximately $58 billion this month. Global corporate bond credit spreads generally widened, with the CDX Investment Grade Index rising to a high of 64.4 during Friday's trading, and CCC-rated bond yields reaching 15.85%. This reflects deepening market concerns about credit risk, with funds shifting from AI trades to safe-haven assets.