According to CoinMeta, Arthur Hayes stated in the article “Situationship” that the infrastructure construction of AI is essentially more akin to high-leverage real estate investment rather than technology investment. He believes that if the AI bubble bursts due to excessive credit expansion, governments and central banks around the world will adopt large-scale money printing measures to repair the financial system, which will drive up the value of risky assets and be beneficial for Bitcoin. Hayes pointed out that the market regards trillions of dollars in AI capital expenditure as technology investment, but financial institutions, private equity credit funds, and governments may have misjudged its risks.