Capital investment in the artificial intelligence sector in 2025 has surpassed the $400 billion mark, and industry forecasts suggest it will break through $500 billion next year. This explosive influx of funds has begun to alert some seasoned global investment analysts.

A senior strategist at Société Générale once pointed out an interesting historical parallel — it’s somewhat similar to the investment pattern during the internet and telecommunications boom of the 1990s. Back then, capital flooded into emerging internet and communication sectors, severely squeezing financing for other industries. The result? Underinvestment in commodities and natural resources, which later saw prices skyrocket over the next decade until the 2008 financial crisis brought a halt.

Now, the situation seems to be repeating itself. Data shows that despite AI-related capital expenditures maintaining an over 40% annual growth rate in recent years, the investment growth in commodities has been shrinking — dropping from around 30% to the 10%-15% range. The implications are worth pondering: first, commodities may face long-term underinvestment and could experience upward price pressure by 2026; second, not all projects in the tech and AI sectors, which are highly sought after by capital, will outperform expectations, and disappointment is quite possible.

From another perspective, now might be a good time to pay attention to overlooked corners. While everyone is focused on AI, there could be opportunities elsewhere.