Recently noticed a fairly interesting market phenomenon: U.S. stocks rebounded across the board on the back of positive momentum from AI and chips, but precious metals here saw a pullback. Gold and silver ended their streak of consecutive gains, reflecting the market’s repricing of risk assets.

The AI industry has sent a number of major signals. Anthropic announced that it will partner with a professional services platform to roll out AI agent tools targeting sectors such as investment banking, accounting, and legal services. This move releases a signal of “cooperation rather than replacement,” and the market’s concerns about the impact of AI on the software industry have clearly eased. At the same time, the massive chip agreement reached between Meta and AMD has further ignited the market. Meta plans to deploy up to 6 gigawatts of AMD computing power—an order equivalent to a multi-year deal worth about $60 billion—prompting AMD’s share price to jump by nearly 9% on the news. All of this points to one fact: the investment boom in AI infrastructure is still heating up.

On the macro front, the U.S. consumer confidence index came in above expectations, reaching 91.2 versus the expected 87.1, giving the market a boost in confidence. All three major U.S. stock indices rose: the Dow gained 0.76%, the S&P 500 rose 0.77%, and the Nasdaq climbed even more, up 1.04%. But this increase in risk appetite directly weighed on traditional safe-haven assets. Gold fell 1.59%, and silver also adjusted lower; the VIX fear gauge fell by nearly 7%, indicating that market risk sentiment has improved markedly.

Interestingly, recent remarks from Federal Reserve officials have also been shaping this picture. Cook said that AI could push up short-term neutral interest rates, while Goolsbee emphasized that it is not yet the time to cut rates based on expectations of higher productivity—rate cuts will only be considered once inflation truly falls back. This hawkish tone supported the dollar. The U.S. dollar index rose 0.19% to 97.88, and the dollar/yen pair also increased by 0.79%.

In the crypto market, Bitcoin recently traded around $77,640, while Ether was at $2,320. From the perspective of market structure, large capital is concentrating in technology stocks related to AI and chips, and demand for traditional commodities and safe-haven assets is declining. The Bank of England Governor Bailey’s comments about the uncertainty of a rate cut in March also reflect that global central banks still need to stay vigilant about inflation.

Looking at the short term, the logic of this rally is clear: investment in AI infrastructure drives gains in tech stocks, and improved risk sentiment suppresses safe-haven assets such as gold and silver. But how long this situation can last depends on whether inflation data and corporate earnings can truly support valuations. Citi has recently turned bullish on copper, expecting the copper price to rise to $14,000 per metric ton over the next three months, which also suggests that market expectations for risk assets remain somewhat optimistic. However, investors should still stay alert: once the marginal effect of AI investments starts to diminish, or if inflation rebounds, gold and silver could see a new window of opportunity.