On October 8, the head of market strategy at a London-based investment bank warned investors that the investment frenzy surrounding AI may soon come to an end and could trigger the worst market crash since the global financial crisis. This year, global stock markets have repeatedly hit record highs, driven by optimism over surging AI infrastructure spending. However, Joachim Klement of Panmure Liberum predicts that this investment boom could collapse as early as 2027, leading to a significant drop in stock prices. Klement stated that the AI bubble could burst at some point between 2027 and 2028. He pointed out that the free cash flow of hyperscale cloud service providers has largely been exhausted, with debt costs rising rapidly to levels that are difficult for companies to bear. Klement has set a target of 5,000 points for the S&P 500 index by the end of 2027, representing a 36% decline from current levels.