Last night's data release triggered a fierce market reaction. The US unemployment rate for December was recorded at 4.4%, a figure that directly rewrote traders' expectations of a rate cut by the Federal Reserve in January. The previously hotly discussed story of rate cuts turned into cold water—futures markets now show only a 5% chance of a cut, and most people now expect to wait until 2026 to see the first rate reduction.

However, the entire employment data is actually quite perplexing. Non-farm payrolls added only 50,000 jobs in December, and the figures for the previous two months were significantly revised downward. The full-year employment growth for 2025 is at its lowest in nearly five years. From this perspective, the labor market is indeed weakening. But the resilience of the unemployment rate, on the other hand, gives the Fed a reason to hold steady.

An interesting shift has occurred. When rate cuts become unlikely, capital turns its attention to the energy sector. Nuclear power stocks have become the biggest winners—Vistra surged over 10%, and Oklo nearly 8%. The logic behind this is quite clear: Meta is locking in nuclear capacity reserves to stockpile energy for AI and data centers. Investors behind companies like Ultraman and Bill Gates are also jumping in. This is no longer just about power investment; the AI arms race has evolved into an energy stage.

A piece of unemployment data has completely rewritten the market rhythm. The expectation of a shift in monetary policy has been dashed, instead fueling market focus on industrial upgrading and infrastructure investment. While the Fed remains on the sidelines, the entire industry is accelerating in the energy race. The outcome of this competition may really depend on who can more quickly secure clean energy capacity.