BlockBeats News, May 15th, an op-ed in The New York Times pointed out that artificial intelligence and energy prices are becoming the two core variables driving the global capital markets, with market performance showing a high degree of centralization.

The article stated that despite NVIDIA's cumulative increase of over 20,000% in the past decade, the chip company that has shown the strongest performance since 2026 has shifted to Intel. Its stock price soared by 114% in a single month in April, with a year-to-date gain of over 214%, significantly outperforming NVIDIA during the same period.

The analysis believes that the main theme of this round of the AI market is shifting from "training-end chips" to "inference-end chips," driving a repricing of related semiconductor companies. In addition to Intel, the Korean and Taiwanese markets have also performed well, with companies such as Samsung Electronics, SK Hynix, and TSMC benefiting from the expansion of AI computing power demand, leading to a overall market strength.

The article also pointed out that the AI market is no longer limited to the U.S. market but has formed a capital concentration effect globally, further exacerbating the differentiation structure between major assets. The fluctuation in energy prices combined with geopolitical conflicts has made the market trend more reliant on the growth momentum of a few industries.

Overall, AI and oil are jointly shaping the global asset pricing logic, but true diversification in the current market environment remains challenging.