On May 30th, BlackRock released a statement saying that the current infrastructure needs are being influenced by a variety of disruptive trends, and they will continue to overweight the theme of artificial intelligence. Looking ahead over the next 6 to 12 months, they will tactically allocate opportunities related to infrastructure development. Additionally, they are optimistic about equity assets related to infrastructure in terms of strategic allocation. The digital disruption and artificial intelligence have created a significant and urgent demand for infrastructure in the power and data center sectors. According to forecasts from organizations such as the International Energy Agency, investments in AI-related data centers could grow by 60% to 100% annually in the coming years. However, BlackRock believes that the overall market valuation currently does not fully reflect this growth trend. This growth will not only benefit frontline technology sectors but also industries along the supply chain such as utilities, energy, materials, industrial equipment, real estate, and industries willing to actively apply related technologies. Therefore, BlackRock will continue to overweight the theme of artificial intelligence. The demand for AI in energy may expand investments in the already significant low-carbon transition sector. Currently, many large tech companies are undertaking large-scale AI development and have set goals to achieve net-zero carbon emissions. These goals may stimulate growth in demand for renewable energy. BlackRock predicts that energy system investments will reach $3.5 trillion annually over the next 10 years, and this figure is expected to reach $4.5 trillion by the 2040s. By then, the share of low-carbon investments in energy expenditures is projected to increase from the current 60% to as high as 80%. In the current environment of uncertainty and high inflation, BlackRock believes that the private markets will play an important role. Given that many countries have high debt levels post-COVID, private markets can help bridge the gap between infrastructure needs and government capabilities. Over a strategic allocation horizon of 5 years or longer, they will overweight infrastructure stocks. BlackRock states that compared to other areas in the private market, infrastructure stocks still represent reasonable valuations in a high-interest rate environment, with stable profits and cash flows often linked to inflation rates.