UBS noted in its latest research report that the AI investment narrative is shifting from model development to infrastructure construction, with power supply, data center capacity, and financing capabilities becoming core variables driving the next phase of AI trading. Catherine Gordon, UBS's expert in energy and resources, stated that the recent long-term power purchase agreements signed by Alphabet and Amazon further highlight the importance of power supply, while critical raw materials such as rare earths and tungsten are also gaining attention due to increased infrastructure investment.