According to the Futu Securities APP, in recent months, the market's discussion of the benefits of artificial intelligence has changed. The market is concerned that companies investing heavily in artificial intelligence may not quickly obtain returns. BlackRock believes that it may take some time for the capital expenditure of artificial intelligence to be fully converted into revenue. Some technology companies have reported revenue growth from artificial intelligence-related products. BlackRock still maintains an overweight stance on the artificial intelligence theme, and in order to evaluate whether the optimistic view of the artificial intelligence theme is reasonable, BlackRock closely monitors several key indicators: first, whether the revenue growth of major artificial intelligence companies shows signs of stagnation, paying attention to the data of each financial report season; second, changes in the adoption of artificial intelligence in areas other than the technology industry with low adoption rates; third, signs of a slowdown in the US economy, as this may lead to large technology companies reducing their spending.

Investing in artificial intelligence is similar to capital expenditures in technological innovation areas such as cloud computing. However, shareholders may not necessarily see further investment in artificial intelligence as the best use of the company's balance sheet, because there is a disconnect between the short-term perspective of some investors and the long-term vision of technology and cloud service providers. This difference has caused unease among investors, but BlackRock believes that patience is still necessary. Companies that have invested heavily in the field of artificial intelligence have planned capital expenditures for the construction of new data centers to significantly improve the processing capabilities of artificial intelligence. These plans will take several years to complete, not just a few quarters. Therefore, it may take some time for the capital expenditure on artificial intelligence to be fully converted into revenue. In fact, some technology companies have reported revenue growth from artificial intelligence-related products.

BlackRock stated that the overall capital expenditure in artificial intelligence has the potential to drive a transformation wave, which is driven by disruptive trends or structural trends. NVIDIA's revenue in the second quarter this year doubled compared to a year ago, which proves that the capital expenditure on artificial intelligence is not only considerable but also continuous. NVIDIA's performance also shows that its artificial intelligence business is expanding into a wider range of industries, with more than half of its artificial intelligence revenue coming from non-technology sectors.

In addition, BlackRock tracks the impact of artificial intelligence on the economy and the market through three stages. Currently, the first stage, the construction stage, is actively underway as large technology companies compete to invest in building data centers. In this stage, early winners are mainly companies and chip manufacturers that invest heavily. In addition, companies that provide key resources such as energy, utilities, and real estate to these enterprises also have investment opportunities. The second stage is the expansion of artificial intelligence applications beyond the technology industry, such as in the fields of healthcare and finance. This may lead to improved productivity in the third stage, but the specific scale and impact remain uncertain.