On July 28, the Monetary Authority of Singapore (MAS) issued a warning that the uncertainties stemming from sustained massive investments in the artificial intelligence (AI) sector have emerged as a critical risk to global economic growth and financial markets, while also mentioning the potential threat of a prolonged escalation of war in the Middle East. MAS Managing Director Ravi Menon pointed out that the surge in investments in data centers, chips, computing infrastructure, and semiconductor capacity had been a significant driver of global economic growth, with the economy demonstrating resilience despite multiple shocks such as high tariffs and wars. Menon emphasized that the investment boom in the AI sector, whether it continues or is significantly cut back, will have profound implications. A sharp correction in investment could severely weaken the momentum of global economic growth, while financial stability risks may arise from the overexposure of equity, credit, and loan markets to unsustainable business models. These models, under complex financing structures, lead to deteriorating cash flows and weak credit conditions. Conversely, a prolonged boom in the AI sector would impact income, demand, and inflation. Currently, global growth, investment, and financial market performance have become highly dependent on forecasts of continued increases in future investments in data centers and semiconductor chips, a trend particularly evident in the U.S. capital markets and Asian economies that export semiconductors.