美股近期抛售的深层原因是市场开始担忧AI资本开支增长可能见顶。亚马逊、谷歌、Meta、微软和甲骨文未来两年的资本开支增速预计放缓，其中2028年增速预期在过去两个月已从18%降至9%。此前连续数年加速增长的AI投资，正在面临增速拐点的不确定性。 这一变化可能沿产业链传导：云厂商减少新增投资，将直接影响英伟达等芯片供应商以及数据中心建设、电力设备企业的收入和盈利预期。与此同时，除微软外，其余几家大型云厂商的现金流已受到AI建设支出挤压，部分企业开始通过发行股票和债券融资。美国利率上升以及中期选举后数据中心审批趋严，又进一步增加投资不确定性。高盛估计，潜在的州和地方暂停建设措施可能影响美国45%的规划数据中心容量。

Trump told CNN an attack on Iran would be extremely unlikely if negotiations make progress, but said US forces are prepared to strike if ordered. He said three aircraft carriers are in position and fully mission-ready, and that the US has identified 38 infrastructure targets in Iran, including bridges and power plants, that could be destroyed within an hour. He added he would prefer to avoid destroying such assets because reconstruction would take years. Trump also said Iran’s air defenses have been destroyed and the regime retains roughly 10% of its previous missile capability and 15% of its drone capability.

Sources: India's Jindal and Italy's Arvedi have submitted binding offers to acquire the former ILVA steelworks.