美联储古尔斯比：最令人担忧的是服务业通胀并未回落。

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.

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