"The global trading platform is full of 'AI bubbles'! Even France and Germany, which are lagging behind in AI competitions, cannot avoid them."

If the artificial intelligence investment frenzy is indeed a historical level investment bubble similar to the 2000 Internet bubble era, then it has inflated the overall market value of many "non-pure AI hardware companies" outside of the "American tech giants" such as NVIDIA Corporation, Alphabet Inc. Class C, and Broadcom Inc., which can be considered the headquarters of the AI bubble. Countries like India, as well as many European countries with a severe lag in the global "AI competition wave," have also been included in the hotly debated stock markets closely associated with the AI bubble by financial market traders. This global stock market-sweeping "AI bubble narrative" also means that even if a country's stock market does not have pure AI hardware leaders like the US chip giants NVIDIA Corporation, Broadcom Inc., Micron Technology, Inc., and AMD, it is also lacking direct beneficiaries of cloud services and cloud-based AI power surge like Alphabet Inc. Class C, Microsoft Corporation, and Amazon.com, Inc. due to the market's large-scale speculation on data center operators, electrical and core power equipment manufacturers, and other data center-related assets, falling into bubble talk. In the case of the Indian stock market - some Wall Street traders insist that the country's stock market has already fallen into an AI bubble narrative, with a severe lack of pure AI power leaders like NVIDIA Corporation, Broadcom Inc., and Micron. However, investors are turning to local data center ancillary companies - from small cloud infrastructure suppliers, data center operators, liquid cooling technology providers, power equipment manufacturers, to power generation companies, these companies are expected to benefit significantly from the construction of supporting infrastructure for AI data centers, which is one of the hottest equity trades globally - with these data center ancillary companies seeing gains of over 100% and outrageously high valuations. Compared to the two AI superpowers of China and the United States, as well as Japan and India, who have been focusing on AI in recent years, Europe may be a 100% laggard in the field of AI. Some long-standing traditional industrial giants in France and Germany have seized the unprecedented AI super bull market, with investors who have long bet on these stocks showing excitement levels since the current bull market in US stocks in 2023, not inferior to long-term shareholders of NVIDIA Corporation (NVDA.US) - at least until the mild global stock market retracement so far this week. The AI bubble also swept through the stock markets in France and Germany The path to the "virtual divinity" AI competition has hit bottlenecks of "human technology scale" such as land, labor, and electricity. Traditional industrial giants in Europe, including France's Legrand SA and Schneider Electric SE (both founded in the 19th century), are eagerly providing "picks and shovels" for the gold rush of AI data centers, with Legrand's stock price this year even outperforming the "AI chip superpower" NVIDIA Corporation. For traders, what they associate with is the power equipment, cooling solutions, power management tools of the massive NVL72 cabinets in AI data centers, and all other essential equipment for the expected $70 trillion AI infrastructure spending frenzy by 2030. With the AI power monster consuming unprecedented amounts of electricity, the institution emphasizes that AI will bring an unprecedented super bull market in electricity. With applications like ChatGPT, Claude, and DeepSeek sweeping the globe, the electricity demand of large-scale AI data centers continues to grow. The towering electricity-hungry AI data centers, fueled by the exponentially increasing demand for AI infrastructure such as AI chips, cannot function without a solid electricity supply, leading to the market view that "AI ends with electricity." The International Energy Agency (IEA) forecasts that by 2030, global data center electricity demand will more than double, reaching about 945 terawatt-hours (TWh), slightly higher than Japan's current total electricity consumption, with Artificial intelligence applications expected to be the most important DRIVE for this growth. By 2030, the overall electricity demand of data centers focused on artificial intelligence is expected to multiply by more than four. As the AI power surge creates a massive demand for power distribution, one of the world's largest electrical equipment manufacturers, Schneider Electric in France, is benefiting from the AI boom. In the second quarter, the company achieved a rare double-digit increase in internally generated revenue closely related to AI data centers. Schneider Electric's long-standing focus on medium-voltage/low-voltage distribution, UPS, battery storage, HVDC busbars, liquid cooling, and DCIM software is the core "gas, water, electricity" for massive AI data centers owned by Meta, Microsoft Corporation, Amazon.com, Inc., Alphabet Inc. Class C, and other cloud computing giants. The continuously growing scale of AI training/inference clusters makes "electricity + cooling" the core underlying resources that determine the power boundary of computing. Schneider, with its "end-to-end power system solutions from medium-voltage to rack-end + software and hardware digital twins + liquid cooling acquisitions," is in a prime position to benefit directly from this super AI infrastructure wave. The liquid cooling systems urgently needed by massive AI data centers have been a focus area for Schneider in recent years, with the acquisition of Motivair in 2024 entering the submerged/direct liquid cooling and cooling distribution unit (CDU) market. These seemingly old-fashioned power giants, unlike fabless light-asset chip giants like NVIDIA Corporation and Broadcom Inc., are crucial when it comes to training large language models and handling massive AI inference workloads - according to a research report by Bloomberg Intelligence's senior analyst Omid Vaziri, the energy consumed by these models could be over ten times that of traditional CPU-level data centers. This is an important part of the AI "industrial era" as described by the venture capital firm Air Street Capital: massive projects akin to those of the Pharaonic era are being launched at a rapid pace, with power supply becoming the primary constraint. According to Alex Cordovil, an analyst at Dell'Oro, the AI data center infrastructure market grew by 18% in the second quarter of this year, reaching $8.9 billion, and he expects this strong growth momentum to continue until 2026. European traditional industrial companies are now flooded with mentions of AI in their earnings calls. The supply capacity of core power equipment such as turbines provided by Siemens Energy AG to global gas-fired power plants is becoming tight due to the massive power demand brought about by AI training/inference.