周期攻略|能与人工智能并列的主线是？

Core Insights - The artificial intelligence (AI) industry received a positive boost with NVIDIA's Q3 revenue reaching $57 billion, a 62% year-on-year increase, leading to a significant stock price surge of over 6% in after-hours trading [1] - The concentration of AI-related stocks in the S&P 500 has reached historical highs, with the "Big Seven" tech companies accounting for 47% of the index [1][3] - Despite the promising financial data, the capital market history indicates that revolutionary technologies often come with inherent risks and uncertainties [3] Investment Opportunities - The demand for industrial resources is expected to rise as AI technologies require substantial physical resources for training and operation, suggesting a potential investment opportunity in resource commodities [4][5] - The International Energy Agency (IEA) predicts that global data centers will require 945 TWh of electricity by 2030, with China's data center electricity consumption growing at a compound annual growth rate of 18% [6] - Historical economic cycles, such as the Kondratiev wave, suggest that technological revolutions like AI can lead to increased demand for commodities, similar to past industrial booms [8][10] Market Dynamics - The current macroeconomic environment resembles the 1970s stagflation, where despite technological advancements, inflationary pressures could lead to a bull market for commodities like oil and gold [11][12] - The investment logic for resource commodities is supported by the dual drivers of AI and energy transition, indicating a potential long-term value reassessment [15] - The cyclical nature of resource investments highlights the importance of recognizing fundamental value anchors rather than chasing every technological trend [15]