Haiyang Tu

I am a Ph.D. candidate in Finance at the School of Finance, Renmin University of China, advised by Chengsi Zhang and Zehao Liu. My research interests include financial intermediation, monetary policy, and corporate finance.

In 2025–26 I was a visiting Ph.D. student at the Kenan-Flagler Business School, University of North Carolina at Chapel Hill, hosted by Yunzhi Hu. I received a B.S. in Mathematics and a B.A. in Finance from Renmin University of China.

tuhaiyang@ruc.edu.cn·CV
School of Finance, Renmin University of China, 59 Zhongguancun Street, Beijing

Job Market Paper

Vendor Equity and the Bubble in AI, with Yunzhi Hu

  • Draft available upon request.
  • Abstract

    We model the AI bubble as a frontier laboratory whose training is worthless to its investors, because its models are quickly imitated, but raises the productivity of the chips its supplier sells to data centers. The supplier therefore has an incentive to create the bubble through circular financing: with equity stakes and purchase commitments it sets the training spending in each round, so that each round of investors pays for a public good that raises the value of its chips. The bubble survives because savings exceed what productive capital can absorb, and because the supplier's future profits make its commitment credible.