Last night's non-farm payroll data was a true "split personality"—on the surface, employment figures were weak, and the labor market was cooling down, but the 4.4% unemployment rate remained stubbornly steady or even showed resilience. This contradictory report directly shattered the dream of rate cuts. The reaction in the interest rate futures market was swift, with the probability of a rate cut in January plunging to zero instantly. Traders' expectations also shifted from "when will the rate cut come" to "maybe wait until next year."

More intriguingly, just as the old story of monetary policy was about to become unsustainable, a more aggressive new story exploded— the real battleground for AI is not just about algorithms but about competing for grid capacity.

Funds, like a whale turning around, are rushing straight into energy-related stocks. Nuclear power leader Vistra surged over 10% in a single day, and new nuclear energy company Oklo rose nearly 8%. Behind these stocks' rapid rise is the frenzy of tech giants like Meta and Google—madly "stockpiling electricity"—locking in nuclear power through long-term contracts to build up enough "ammunition" for the AI arms race.

How significant is this signal? When tech giants start openly competing for energy contracts, it indicates that the AI race has entered a phase of direct, head-to-head "power battles." Industry leaders like Ultraman and Bill Gates have long placed bets, treating the energy discourse of the next decade as a must-win battleground.

The current situation is quite delicate: on one side, the Federal Reserve hesitates over yesterday's economic data; on the other, industry capital has sensed future opportunities and is going all out to deploy resources. The monetary narrative has temporarily cooled, but the new narrative of industrial revolution is surging like a tidal wave, redefining the flow of capital.

This shift of power from "monetary policy" to "energy competition" will determine which sectors will explode in growth next. Those who can understand the logic behind tech giants' capital expenditures will hold the key to the changing game.