Last night's non-farm payroll data was truly a "surprise"—although job gains were only 50,000 and the figures for the first two months were revised downward, the unemployment rate unexpectedly dropped to 4.4%. This number completely rewrote the market’s expectations.

Many initially hoped the Federal Reserve would start cutting interest rates in January, but this report directly extinguished that hope. Interest rate futures now show the probability of a rate cut in January has fallen to 5%, and market expectations for the first rate cut have been pushed back to summer 2026. From traders’ reactions, everyone has realized a harsh reality—the Fed will be more patient than previously thought.

Interestingly, with the rate cut dream shattered, the U.S. stock market did not weaken; instead, driven by a completely different story, it continued to hit new highs. This time, the main drivers are not bank stocks but the energy sector—especially nuclear power concepts. Vistra surged over 10%, and Oklo also rose nearly 8%. The logic behind this is clear: Meta is beginning to lock in nuclear power capacity on a large scale to prepare for AI and data center energy demands. Tech giants like Ultraman and Bill Gates are also investing in related companies. What does this indicate? The competition in the AI industry has entered a new phase of energy arms race.

From this perspective, revolutionary demand from the industry side has already surpassed the influence of central bank policies. As tech giants compete for energy capacity to support AI infrastructure, the marginal effect of policy expectations diminishes. Energy is becoming the key battleground for the next round of competition among tech companies.

What do you think about all this? Do you believe rate cuts are just delayed and will eventually happen? Or do you think the high-interest-rate environment will persist longer? Regarding the wave of combining nuclear power and AI, do you see it as a long-term industry trend or short-term capital speculation? Feel free to share your thoughts in the comments.