China’s AI Bets Pivot to Power, Metals as Tech Bubble Fears Grow

Your browser is: Explorer 11.0. This browser is out of date so some features on this site might break. Try a different browser or update this browser. Learn more.✕ The AI Race:Bubble FearsAGI ExplainedUS Versus ChinaCircular DealsRegulators StruggleChina’s AI Desert EmpireTechnologyContact us:Provide news feedback or report an errorConfidential tip?Send a tip to our reportersSite feedback:Take our SurveyNew WindowBy Bloomberg NewsNovember 15, 2025 at 1:00 AM GMT+1Chinese investors hunting for the next artificial intelligence winners are looking beyond high-flying chipmakers to the utilities and metal producers that form the industry’s physical backbone.The shift toward the sector’s supply chain — from power generators to materials used in data centers — reflects growing concern over lofty valuations in pure-play AI stocks. Analysts say firms supporting the tech ecosystem offer a more affordable entry point into this year’s hottest theme.Before it's here, it's on the Bloomberg TerminalBloomberg Terminal LEARN MOREHomeBTV+Market DataOpinionAudioOriginalsMagazineEventsNewsMarketsEconomicsTechnologyPoliticsGreenCryptoAIWork & LifeWealthPursuitsBusinessweekCityLabSportsEqualityManagement & WorkMarket DataStocksCommoditiesRates & BondsCurrenciesFuturesSectorsEconomic CalendarExploreNewslettersExplainersPointed News QuizAlphadots GameThe Big TakeGraphicsSubmit a TipAbout UsTerms of ServiceTrademarksPrivacy PolicyCareersAdvertiseAd ChoicesHelp©2025 Bloomberg L.P. All Rights Reserved.