According to CoinMeta, a latest report by Jefferies strategist Christopher Wood indicates that actual capital expenditures related to AI in the United States contributed 1.39 percentage points to the year-over-year growth of GDP in the past four quarters, accounting for 67% of the overall economic growth rate. Investments in information processing equipment and software accounted for 5.35% of nominal GDP, a record high, surpassing the 4.46% during the Internet bubble in 2000. The report also mentions that widening credit spreads, declining semiconductor stocks, and deteriorating free cash flows of cloud service providers suggest that the cycle of AI capital expenditures may be approaching a turning point. Microsoft, Amazon, Alphabet, and Meta are expected to spend approximately $1.04 trillion in capital expenditures this year, but Amazon's and Alphabet's free cash flows have dropped to -$35 billion and -$9 billion, respectively. Jefferies warns that a sharp contraction in AI investment could significantly impact U.S. economic growth and may force the Federal Reserve to adopt a more accommodative policy. The report advises investors to appropriately diversify their asset allocation beyond AI and to pay attention to sectors such as gold and biotechnology.