These past few days, the news has been quite interesting. The U.S. is simultaneously paving the way for AI infrastructure while desperately suppressing inflation and geopolitical shocks. They talk about war, but in reality, they are still prolonging the life of the capital markets.

Amazon has issued its first Swiss franc bonds, with six tranches issued together over 3 to 25 years, indicating what?
It shows that big companies are still seeking cheap money worldwide. The capital expenditure battle for AI has not stopped at all. To be very clear, the money is for general operations, investments, and capital spending.
Meanwhile, the U.S. Environmental Protection Agency is preparing to adjust the New Source Review rules to expedite air emission permits for AI data centers. Essentially, this is telling the market: electricity, land, permits, construction cycles—government is willing to loosen regulations as long as you build AI data centers first.
The subsequent data center resource pages have already made the direction clear. So don’t keep asking whether AI is a bubble—regardless of whether there’s a bubble or not, money, policies, and infrastructure permits are still flowing in. This is what it means that the main line isn’t dead.
Another clear trend is: the U.S. is most afraid not of whether to fight or not, but of “fighting while inflation spirals out of control.”
On May 11, the U.S. raised the bounty for targeting Iran’s Revolutionary Guard financial networks to a maximum of $15 million, continuing the financial and sanctions battles; on the other hand, they are still fighting tariff lawsuits, with the Trump administration requesting courts to suspend the enforcement of the unfavorable ruling on the 10% global tariffs, trying to preserve the tariff tools.
Meanwhile, the U.S. is releasing strategic petroleum reserves. EIA weekly data up to May 1, 2026, shows SPR has decreased to about 392.7 million barrels; the White House is also preparing to curb food inflation by increasing beef imports and restoring cattle herds.
What does this indicate? It shows that the U.S. is not fighting a single front but continuing to be tough externally while internally working hard to stabilize oil prices, meat prices, and expectations.
So if you ask me how I view the current market: AI infrastructure remains the main obvious theme, energy is a high-volatility hedge line, and major risk assets continue to live between “policy prolongation + geopolitical shocks.”
As for Microsoft CEO Satya Nadella’s appearance in court on May 11, it’s not about gossip but about telling you: no matter how chaotic the AI infrastructure building gets, capital expenditure and industry development never stop.
The show is happening on stage, money is flowing behind the scenes, and real cash is more important than opinions.