来源：钛媒体APP ▎不同的能源体系和发展路径，将对中美AI发展产生决定性影响。 文｜飞向TAI空 作者｜胡珈萌 本文首发于钛媒体APP 这场对话主要关乎AI用电的现状，人工智能与能源未来可能的形态，还涉及智能时代的本质、中美AI竞赛、数据中心建设趋势、"AI+能源"投资机会等， 既宏观，又实际。张雷也没有让探讨停留在某种能源形态或AI形态上，话题时而聚焦一时一地，时而展望人类未来，有时会转移到物理学阵地，有时又 会深入哲学层面。 在他看来，智能本身就是一种能量现象。根据热力学第二定律，宇宙趋向无序，而创造任何局部有序——无论是建筑城市还是训练大模型——都需要消耗 能量。因此，"超级智能"必然需要"超级能量"来支撑。文明的跃迁，从碳基生命到硅基智能，底层始终是能量获取与组织方式的进化。 这似乎也为当前引发广泛关注的"AI缺电"话题提供了新的解读角度：或许，是AI打开了人类想象力的闸门，示意当前能量量级与未来那个宏伟的智能时代 间的巨大差距，受此驱动，人类将做出巨大努力，用更多的能量来"喂饱"人工智能。 虽然很难弄清楚人工智能是否真有此打算，但人们的"缺电焦虑"却其来有自。 作为全球知名能源企业的创始人和掌舵人 ...

Group 1 - The A-share market experienced a collective adjustment on November 4, with the Electric Grid Equipment ETF (159326) declining by 0.34%. The trading volume exceeded 209 million yuan, setting a new single-day record since its listing. Key stocks such as Neng Electric and Shunma Power reached their daily limit, while others like McCawley, Yongfu Shares, and Samsung Medical saw significant gains [1] - The Electric Grid Equipment ETF has recorded net inflows for six consecutive trading days, accumulating over 500 million yuan in the past month, with a scale growth exceeding 400%, reaching a historical high of 646 million yuan [1] - The rapid development of AI technology is driving an explosive increase in global data center electricity demand, necessitating upgrades in grid infrastructure. Goldman Sachs predicts that investments in global digital infrastructure and energy systems driven by AI will reach 5 trillion dollars over the next decade, with grid equipment being a direct beneficiary of this investment wave [1] Group 2 - The Electric Grid Equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index in the market. The index's constituent stocks are primarily distributed across power transmission and transformation equipment, grid automation equipment, cable components, communication cables, and distribution equipment, showcasing strong representativeness. The ultra-high voltage sector accounts for 64% of the weight, the highest in the market [2] - The top ten holdings include industry leaders such as Guodian Nari, Tebian Electric, Siyuan Electric, and Teradyne, indicating a strong presence of key players in the sector [2]