从已披露的美国机构投资者第三季度13F持仓变化可见，对冲基金正在调整AI产业链内部配置。按其行业分类，净卖出最多的是芯片设备与制造，达31.1亿美元，其次为AI网络、光学与存储，净卖出28.8亿美元；AI芯片与存储器净卖出9.62亿美元。另一方面，云端企业软件获得最多增持，净买入21.3亿美元，AI与数据软件净买入8.27亿美元。整体来看，已披露持仓呈现从AI硬件供应链向云软件和数据应用迁移的迹象，机构开始重新评估AI产业链不同环节的投资回报，并将产业链内部的仓位进行再配置。

Utkarsh Ahuja, founder and managing partner of Moon Pursuit Capital, said persistently high inf could constrain the Fed's ability to provide policy support, even if tech stocks weaken. He pointed to recent remarks by San Francisco Fed President Mary Daly about possible further rate hikes as a reminder investors should not assume a near‑term Fed market backstop. Ahuja said: "For capital‑intensive AI projects, even if market demand meets expectations, higher financing costs and longer approval cycles can reduce project returns." He added firms with projects that are not yet cash‑flow positive and require new funding face execution risk and uncertainty over future financing conditions.

Japan's finance minister KATAYAMA said some small banks are concerned funds are flowing into retail JGBs.