在重构中前行：AI投资激荡全球

Core Insights - The AI industry is experiencing a shift from speculative investments to a focus on underlying logic and commercial value, emphasizing the interaction between computing power, algorithms, and applications as the foundation for long-term growth [1][2]. Investment Trends - The investment narrative in AI is becoming clearer, with significant developments across various segments, including the release of OpenAI's Sora2 and strategic partnerships like that between AMD and OpenAI, indicating strong demand for computing power [2][3]. - The current investment logic is shifting from hardware-driven to software-driven breakthroughs, with a focus on the ecosystem and commercialization capabilities of large models [2][3]. Key Investment Logic - The core investment logic in the AI industry can be summarized as "one main line and three major segments": the main line being self-control and security, and the three segments being infrastructure (computing power), model ecosystem, and AI applications [3][4]. - Companies with self-research capabilities and secure supply chains are expected to gain higher strategic premiums and market shares [3]. Market Dynamics - The AI sector is characterized by high volatility and ongoing discussions about whether current valuations are overheated, with some managers advocating for a cautious approach to investment [4][5]. - Despite high valuations, the long-term potential of AI applications remains attractive due to the vast target market and the ongoing commercialization phase [5]. Energy and Materials Opportunities - The demand for energy infrastructure to support AI is increasing, with projections indicating that global data center electricity demand will reach 945 TWh by 2030, significantly impacting copper demand [7][8]. - Nuclear fusion energy is also gaining attention as a strategic investment area, with major tech companies entering agreements to secure future energy supplies [8].