印度策略：为何印度不能作为AI对冲

India is increasingly pitched as the hedge to the global AI trade; Bernstein disagrees, arguing India is neither an AI beneficiary nor an anti-AI trade. The assumed chain (AI disappoints, investors sell AI, capital stays in equities, India gets the proceeds) is a series of assumptions with diminishing probabilities: a valuation loss destroys paper wealth rather than releasing cash, and leveraged sellers may simply repay financing. The roughly $350bn of private and $600bn of total corporate AI investment carry entirely different mandates and have no urgency to enter public markets, let alone India or EMs;