Research series

AI & Industrial Cycles

Productive capacity, investment commitments, and risk across the infrastructure supporting artificial intelligence.

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Preprint2026AI & Industrial Cycles

The Physical Limits of Compute and Financial Risk Integration Across Seven Infrastructure Layers

Fuli Yang, Yu Liu, Shiyu Lin

Artificial intelligence links seven infrastructure layers into a persistent, uneven equity-risk system. Using 33 firms, a fixed 28-stock comparison and strictly lagged factor adjustment through August 2026, return connectedn…

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Preprint2026AI & Industrial Cycles

AI Booms and Industrial Cycles: Capacity Reallocation in the Memory Industry

Fuli Yang

Artificial intelligence (AI) booms can generate industrial price cycles even when frontier demand remains permanently elevated. I develop a two-product model in which high-bandwidth memory and conventional dynamic random-acc…

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