中国模型开发商智谱（Zhipu）正考虑在香港进行数十亿美元的股份出售，此时距其首次公开募股仅数月，其股价飙升达2,000%，估值突破1,280亿美元。此举将为该公司提供新的资金，用于模型开发和全球扩张，凸显出投资者对人工智慧成长故事的积极追捧态度，尽管围绕盈利能力和竞争的疑问依然存在。

与此同时，对人工智慧最关键投入——电力——的争夺正在加速。软银（SoftBank）创办人Masayoshi Son表示，该公司正寻求入股东京电力公司（Tokyo Electric Power），押注掌控发电能力将成为建设AI资料中心竞赛中的战略优势。Son的讯息十分明确：确保能源供应如今与确保晶片同等重要，软银正在从俄亥俄州到法国乃至最终日本推进大规模资料中心专案。

若说AI热潮的第一阶段聚焦于模型，那么下一阶段则可能取决于谁掌握基础设施。市场对Stack Infrastructure亚太资料中心资产组合的兴趣日益高涨，BlackRock旗下AIP、Brookfield及KKR均位列竞购方之中，该交易规模可能超过300亿美元（约合逾2,160亿人民币）。投资者正大举涌入支撑AI技术运作的电力、资料中心和基础设施领域——本质上，AI淘金热正在向底层技术堆叠下沉。

Chinese model maker Zhipu is weighing a multibillion-dollar share sale in Hong Kong just months after its IPO, riding a staggering 2,000% stock surge that has pushed its valuation past $128 billion. The move would give the company fresh capital for model development and global expansion, underscoring how aggressively investors are rewarding AI growth stories even as questions around profitability and competition persist.

Simultaneously, the scramble for AI's most critical input — power — is accelerating. SoftBank founder Masayoshi Son revealed the company is seeking a stake in Tokyo Electric Power, betting that control over electricity generation could become a strategic advantage in the race to build AI data centers. Son's message was unambiguous: securing energy is now as important as securing chips, with SoftBank pursuing massive data center projects spanning from Ohio to France and, eventually, Japan.

If the first phase of the AI boom centered on models, the next phase may hinge on who owns the infrastructure. Interest is mounting in Stack Infrastructure's Asia-Pacific data center portfolio, with BlackRock-backed AIP, Brookfield, and KKR among the suitors, in a deal that could exceed $30 billion. Investors are piling into the power, data centers, and infrastructure underpinning AI — in essence, the AI gold rush is moving down the stack. (Key numbers: 300, 2,160)