Galaxy Securities: AI Industry Resilience Remains Strong Despite Fed Rate Hikes

A report from Galaxy Securities (银河证券) on September 21 states that Federal Reserve interest rate hikes do not alter the long-term logic of AI-driven productivity growth. While short-term infrastructure demands increase costs for chips and power, AI is expected to create structural deflationary effects by boosting total factor productivity. Global AI capital expenditure trends remain intact, and the industry's resilience is sufficient to support development even in a high-interest-rate environment.