Trump plans to nominate Warsh as chairman of the Federal Reserve, and his combination strategy of cutting interest rates and shrinking balance sheets places the AI ​​productivity revolution at the core of the deflation narrative. However, this strategy involves time mismatch and trust risks. If AI fails to deliver productivity as expected, it may lead to out-of-control inflation and narrative bankruptcy. What is even more dangerous is that policy mistakes may puncture the AI ​​bubble, triggering a withdrawal of funds and a psychological collapse. Monetary policy should be based on observable data and be alert to the risk of narrative bubble resonance.