Core Viewpoint - The article highlights the significant advancements in nuclear fusion energy, particularly its commercialization, driven by major tech companies like Google and Microsoft, and the increasing demand for electricity in the AI era [1][3][4]. Group 1: Market Dynamics and Trends - The demand for electricity is surging in the AI era, with data centers expected to consume over 800 billion kilowatt-hours by 2030, accounting for nearly 7% of global electricity usage [3]. - Major tech companies are transitioning from merely purchasing electricity to building their own power sources, with nuclear fusion becoming a strategic focus due to its clean and sustainable energy potential [5][6]. Group 2: Technological Breakthroughs - Both China and the U.S. are making significant strides in nuclear fusion technology, moving from theoretical concepts to practical applications [6]. - China's EAST facility achieved a world record by maintaining plasma at 100 million degrees Celsius for over 1,066 seconds, nearing conditions necessary for power generation [7]. - The U.S. National Ignition Facility (NIF) successfully achieved "net energy output," marking a critical milestone in fusion research [9]. Group 3: Policy and Investment Landscape - The competition between China and the U.S. in nuclear fusion is intensifying, with both countries implementing supportive policies and significant investments to accelerate the industry [12][13]. - China has established a fusion joint venture and is rapidly developing its nuclear fusion technology infrastructure, while the U.S. is planning to construct multiple nuclear power plants by 2030 [12][13]. Group 4: Industry Chain and Opportunities - The nuclear fusion industry encompasses upstream materials, midstream equipment manufacturing, and downstream power generation and system integration, creating a high barrier to entry and high return potential [15]. - Key areas of focus include high-temperature superconductors, plasma containment materials, and the construction of fusion reactors [16][17]. - Future milestones include the construction of the CFETR in 2025 and the first commercial fusion power demonstration by Helion in 2026, which are critical for the commercialization of fusion energy [20].