BlackRock stated that in the process of building artificial intelligence, the investment opportunities are no longer limited to the technology industry, but have spread widely to industries such as energy, infrastructure, and data centers. Due to the uncertainties associated with the development of artificial intelligence, proactive investment strategies are needed to accurately capture the future beneficiaries. BlackRock believes that the scale of investment in artificial intelligence could be comparable to the industrial revolution era, especially when we consider spending on energy infrastructure as part of data center construction and low-carbon transformation investments. Such large-scale investments require significant financing, with capital markets and private markets becoming key funding channels. Major cloud service providers and chip manufacturers are the main beneficiaries of artificial intelligence construction, especially tech giants with competitive advantages in resources and technology. BlackRock believes that it is reasonable to question whether there is over-investment in artificial intelligence, but considering that artificial intelligence could bring new sources of income to the entire economy, a comprehensive assessment should be conducted. Currently, large tech companies are not excessively expanding. The systematic active equity investment team at BlackRock stated that after analyzing hundreds of indicators of valuation, profitability, and other characteristics, there are almost no similarities between the current market and the dot-com bubble era. In addition to the tech sector, beneficiaries also include companies in industries such as utilities, energy, raw materials, and real estate that provide critical inputs. There may be more challenges after the artificial intelligence construction phase. The key to the promising prospects of artificial intelligence lies in whether it will drive significant productivity growth. In the short term, BlackRock expects that as artificial intelligence changes the patterns of specific jobs, productivity will see modest improvements. In the long term, artificial intelligence can accelerate the process of nurturing new ideas and discoveries, having a profound impact on innovation and economic growth. However, this largely depends on the speed at which industries adopt artificial intelligence. If artificial intelligence is widely applied, it can optimize economic structure through labor and resource reallocation, creating new jobs and industries, with the finance and IT industries, which were early adopters of artificial intelligence, benefiting the most. But if the application process is too rapid and demand growth outpaces the speed of resource reallocation and workforce retraining, it could lead to sustained inflation. Nevertheless, it is difficult to imagine all possible scenarios of future artificial intelligence use. To address this uncertainty, BlackRock believes that proactive investment strategies are needed. Private markets can provide investment opportunities before potential winners go public.