Viewpoints with Burkhard Varnholt - A global markets podcast (Ep. 25)
2025/2/19
UBS On-Air: Market Moves
B
Burkhard Varnholt
@Burkhard Varnholt : 我认为目前全球人工智能发展的主要瓶颈并非计算能力，而是电力供应。这解释了为什么美国宣布进入国家能源紧急状态。因此，全球人工智能的竞争实际上也是一场关于可再生能源、能源存储以及更广泛的能源转型的竞赛。稀土等稀缺资源不仅是科技公司战略的核心，也深刻影响着全球地缘政治。投资者必须充分理解这一点，因为它驱动着多个投资主题。德国西门子能源和日本日立等能源转型领域的领导者在股市上的表现与英伟达等公司一样出色。
Deep Dive
Burkhard Varnholt discusses the global race for AI dominance and its connection to renewable energies. He highlights the importance of energy transition and the role of rare earths in tech-related business strategies and global geopolitics. Investors need to understand this dynamic because it drives numerous investment themes.
- Real bottleneck in global AI race is electrical power, not computing power
- Global race for AI dominance is also a global race in renewable energies, energy storage, and energy transition
- Rare earths are crucial for tech business strategies and global geopolitics
- Energy transition leaders like Siemens Energy and Hitachi perform well in the stock market, similar to NVIDIA