It's the weekend, sharing some interesting and useful Wall Street research data:

1. The Upward Momentum of Cryptocurrency

According to Bank of America's July Global Fund Manager Survey, the average allocation of cryptocurrency in institutional asset allocation is 0.3% (the same survey shows that gold is 2.2%)

2. The Trend of AI

Capital expenditure of the 'Seven Giants' accounts for 55% of operating cash flow, while it was only 20% in 2012

- By 2030, AI will double the global data center electricity demand (equivalent to Japan's total electricity consumption); US electricity prices have risen 6.3% in the past 12 months

- The 'AI Big 10' now accounts for 39% of the US stock market, while in 1972 the 'Nifty 50' accounted for 40% of the S&P, in 1989 Japan accounted for 45% of ACWI, in 2000 technology stocks accounted for 40% of the S&P; in 1881, the market capitalization of US railroads accounted for 63% of the total market capitalization of the US stock market

3. The US Economy

- In the past 5 years, the nominal GDP growth in the US has increased by 52% (of which inflation contributed 28 percentage points and real growth contributed 24 percentage points), the fastest expansion since the stagflation of the 1970s

- Labor productivity in the US has grown by 1.3% over the past 4 quarters; comparison: 1.8% in the 2020s, 1.2% in the 2010s, 2.7% in the 2000s, 2.2% in the 1990s