转型投资：AI的10个关键要素

Matter over mind?AI’s 10 secretingredients Investment Strategy 16 June 2026 Semis? Energy? Datacenters? Just try to run AI without:1)Helium and 2) Neon keep fabs running, while 3) High‑Purity Quartz underpins wafer EquityTransition Investing production. 4) Ajinomoto Build‑up Film substrates connect chips to boards, withadvanced GPUs requiring up to 18x more than CPUs. 5) Gallium and 6) Germaniumenable efficient power, RF and photonics, while 7) Tungsten and 8) Antimony supportthermal stability under extreme loads. Finally, 9) Graphite and 10) Rare‑earth magnets Menka Bajaj>>Equity StrategistMLI (UK)+44 20 7995 5800 Haim Israel>>Equity StrategistMerrill Lynch (Israel)+972 3 607 2007 The Silicon of tomorrow:10 inputs that gate it all…The next phase of AIdeployment will depend on securing scarce elements and scaling them fast. Building on ourData centers primer, we identify 10 hard‑to‑replacechokepoints across every layer of the AI stack. Most are critical minerals, but also noblegases and specialized materials, all characterized by concentrated supply, limited Substitution not keeping up = structural price inflationStockpiling of these critical inputs isaccelerating, while recycling remains below 15% in some markets, limiting near‑term relief. Recovery gains in rare‑earth, graphite andsemiconductor materials are emerging, but scale is still constrained. AI is improvingefficiency and accelerating substitution, including screening >67,000 rare‑earth‑freemagnet compounds. However, this remains a medium‑term lever. Currently, demand It’s a national security issue– global supply is at stakeSupply tightness reflects extreme concentration. China controls 70-98% of supply across several minerals,makingexport controls a directconstrainton availability. Elsewhere,helium outages tied to Qatar have disrupted about a third of global supply, while HPQ is $1.5tn+ opportunity across 22 critical upstream enablersMetals & Miningrepresent just 2.5% of MSCI ACWI, despite being the AI revolution’s gate-keepers. At the same time, demand from AI, electrification and defense isconverging on the same materials base, tightening supply buffers and pushingcorrelations between AI and transition‑metal names to +65%. We identify 22 companieswith $1.5tn mkt cap (Exhibit 7) across the 10 materials offering direct leverage to Source:BofA Global Research BofA GLOBAL RESEARCH HPQ: High‑Purity Quartz ABF: Ajinomoto Build‑up Film GPU: Graphics Processing Unit RF: Radio-frequency *Note: MLAPAISC and MLAPAISHbaskets are proprietary baskets thatare structured and maintained by Trading ideas and investment strategies discussed herein may give rise to significant risk and arenot suitable for all investors. Investors should have experience in relevant markets and thefinancialresources to absorb any losses arising from applying these ideas or strategies.>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst Refer to "Other Important Disclosures" for information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions. BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should beaware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 37 to 39. Contents AI scaling hits materials limits3Three forces, one pool: defense–energy–AI3Hidden enablers of the AI buildout522 stocks exposed to the AI supply chain6BofA Baskets on global AI ecosystem6 Did you know8 10 building blocks, One constraint: Supply9 Physical AI & AI-driven metals intelligence: transforming supply chains30 Takeaways from expert call: AI rewriting metals supply chains30AI-driven substitution = 200x faster, 20% cheaper30Physical AI fixing human cost of metals: robotics, drones, auto mining30Biodiversity: rising constraints and AI-enabled mitigation32 Appendix35 More stocks exposed to other metals in AI supply chain35 Global critical minerals policies36 The strategic inputs squeeze Strategic materialsdemand is transitioning from cyclical tostructural, underpinned by the rebuilding of energy systems anddigital infrastructure. Electrification, grid expansion andindustrial policy are driving sustained demand for copper, Resilience and supply security have become central policypriorities, yet market positioning has not caught up: the Metals& Mining sector represents 2.5% of the MSCI ACWI, nearmulti‑decade lows, underscoring the gap between the sector’s Source:BofA Global Research, Bloomberg AIscaling hits materials limitsAI is no longer just a demand tailwind; it is reshaping the entire Exhibit3:Global Rare Earth/Strategic Metalsoutperformed YoY:+140% vs +53% for AI & Big DataYoYPerformance of NYBIG Index vs MVREMX Index, as