Several major U.S. AI giants' concerns over security risks are rising, and the valuation premium of compute metals is falling back.

According to Securities Times, recently, multiple U.S. AI giants have seen rising concerns over security risks and have called for a slower pace of AI iteration; combined with persistently rising U.S. Treasury yields, chip stocks such as Nvidia have experienced sharp fluctuations, dragging prices of computing-power metals such as copper and tin into a breakdown and downward trend. International markets have begun to be wary of the risk of a subsequent U.S. policy shift. Since September, the structure of the copper futures market on the London Metal Exchange has undergone a rapid reversal, shifting from a cash squeeze to futures contango. In its quarterly report in September this year, the Bank for International Settlements explicitly mentioned that funds are reducing concentrated bets on a small number of leading AI stocks. However, the industrial side has not shown substantial contraction in line with financial market sentiment, and industry insiders judge that the nonferrous metals market as a whole will remain strong over the next two quarters.