导致泡沫破裂的主要原因将是人工智慧投资热潮的减退。随著人工智慧基础设施的支出成长在 2026 年达到顶峰，相关供应商的利润率将会受到挤压。此外，人工智慧巨头将难以创造足够的收入，来支撑其庞大的资本投资。
其他压力还包括首次公开募股和内部人士抛售导致的美国股票供应增加，以及长期利率上升和联邦债务不可持续所带来的严峻总体经济环境。投资者应保持谨慎，因为泡沫破裂必将扭转目前自我强化的成长趋势。
The US equity market is currently in a bubble territory, as indicated by overvalued metrics such as the Shiller P/E ratio, equity risk premium, and the Buffett Indicator. Although bubbles can persist for a while, this one is expected to burst before the end of 2027 due to various economic and market factors.
The primary catalyst for the burst will be the slowing down of the artificial intelligence investment boom. As the growth in AI infrastructure spending peaks in 2026, the profit margins of related suppliers will be squeezed. Furthermore, AI hyperscalers will struggle to generate sufficient revenues to justify their massive capital investments.
Additional pressures include an increasing supply of US equities from IPOs and insider sales, alongside a challenging macroeconomic environment marked by rising long-term interest rates and unsustainable federal debt. Investors should remain cautious, as the inevitable burst will reverse the current self-reinforcing growth trend.