On October 9th, Jenny Johnson, CEO of Franklin Templeton, stated that short-term debt issued by major tech companies presents investment opportunities in the artificial intelligence sector, given these firms' strong cash flows and balance sheets. Johnson pointed out that these tech companies have diverse financing channels, not limited to traditional creditors. Their debt structures also include off-balance-sheet financing instruments guaranteed by large cloud computing enterprises, as well as suppliers acting as lenders, creating a complex financing framework. In contrast, long-term bonds expose investors to uncertain risks stemming from technological advancements. Johnson also noted that the AI wave has not yet truly transformed traditional industries, and genuine productivity gains will take time. The current 2% productivity growth in the U.S. stems from existing technologies developed over the past two decades, with full integration of AI into the economic system still requiring time.