邵宇：AI是当代最大泡沫，但也是未来全球资源重新配置的主战场

Group 1 - The conference "万里同春·豫见未来——中原酿新势·2025中国消费智链创新峰会" was held in Zhengzhou, focusing on new consumption, new manufacturing, and new supply chains [1] - The event aimed to gather industry forces to share new models and experiences, and discuss collaborative innovation in the industrial chain and the cultivation of new productive forces [1] - The conference also explored how the capital market can empower the growth and leap of enterprises in the consumption sector [1] Group 2 - Shao Yu, Chief Economist at Fudan University, emphasized the significant role of artificial intelligence in the current global asset landscape [3] - He identified the previous major bubbles as real estate, US stocks, and Japanese government bonds, which have now shifted to gold, US high-tech stocks, and digital currencies [3] - Shao Yu described the valuation expansion of technology companies related to AI as "the largest bubble humanity has encountered," indicating that bubbles reflect the direction of capital and resource allocation [3] - He noted that the recent growth of large tech companies like Nvidia and Microsoft resembles a "game of order brushing," which inflated sales revenue and valuations, with Nvidia's market value surpassing 5 trillion [3] - The development of new productive forces in China is closely linked to AI, with the competition in the "15th Five-Year Plan" era extending from trade and supply chains to the monetary system [3] - Companies are urged to accelerate the reconstruction of global supply chains to maintain resilience in deeper G2 competition [3]