大宗商品的“AI含金量”

格隆汇
Feb 06

本文来自格隆汇专栏:国金证券研究所;作者:宋雪涛不同商品对AI的敞口,如同光谱呈现鲜明差异。对数据中心和电网设施的价值贡献度最高的依次为钒、铜、锂、镓、铝,金依托金融属性成为AI泡沫的对冲工具,原油因抑制通胀的中选诉求站在了AI叙事的对立面。当AI发展所面临的实体资源瓶颈逐渐成为共识,这些瓶颈正在重塑各类大宗商品在新时代下的价格逻辑。AI算力指数级增长所需要的电力、设备、传输介质等物理基础,都...

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