原文标题： Forget chips: The next battleground in the U.S.-China AI race is nuclear power 原文连结：https://reurl.cc/GNqv9y 发布时间：Sept. 20, 2025 at 8:00a.m. ET 记者署名：Christine Ji 原文内容： Investors are paying close attention to the computer-chip war erupting as the U.S. and China race for global leadership in artificial intelligence — yet Wall Street is focused on the wrong battle. 投资人正密切关注美中在争夺人工智慧全球领导地位时爆发的晶片战争——但华尔街却把 焦点放错了地方。 The real winner will come down to something much less flashy: energy. Specifically, nuclear energy. 真正的胜负将取决於一个远不如晶片光鲜亮丽的领域：能源，尤其是核能。 After all, the most advanced AI chips in the world are useless if you can’t turn them on. Nuclear energy is rapidly becoming one of the foremost solutions to power the AI boom — and prevent impending energy shortages. 毕竟，即使是全球最先进的 AI 晶片，如果无法启动，也毫无用处。核能正迅速成为支撑 AI 热潮、并防止能源短缺的首要解决方案之一。 The nuclear option 核能选项 “I think that one of the best sources of data-center electricity is going to be from nuclear power, and of this there is very little doubt,” Richard Windsor, founder of the research firm Radio Free Mobile, told MarketWatch. “ If you want reliable electricity without carbon, nuclear is pretty much your only option.” 「我认为资料中心最好的电力来源之一将来自核能，这几乎没有疑问，」研究公司 Radio Free Mobile 创办人 Richard Windsor 告诉《MarketWatch》。 「如果你要可靠且无碳 的电力，核能几乎是唯一选择。」 According to Bank of America, data centers used to power AI globally could use more energy than the entire country of Japan by 2026. 根据美国银行的资料，到 2026 年，用於 AI 的全球资料中心耗电量可能会超过整个日本 。 According to the research provider BloombergNEF, the amount of electricity flowing through global electricity grids is expected to surge 30% as soon as 2030. 根据研究机构 BloombergNEF，至 2030 年，全球电网中的电力流量预计将增加 30%。 Companies like the cloud-infrastructure provider CoreWeave Inc. have identified energy as a critical bottleneck for AI development. 像云端基础设施供应商 CoreWeave 这样的公司，已将能源视为 AI 发展的关键瓶颈。 Bank of America research strategist Felix Tran highlighted nuclear energy as an emerging “necessity” for future AI growth due to its low lifetime costs, minimal carbon emissions and continuous baseload power. 美国银行研究策略师 Felix Tran 指出，由於核能具备低长期成本、极少碳排放，以及可 提供稳定基载电力，它正成为 AI 成长的「必要条件」。 Windsor emphasized its ability provide continuous, round-the-clock power — something that traditional renewables, such as wind and solar, can’t guarantee. Windsor 强调，核能可以提供持续、全天候的电力，而这是传统再生能源（如风能与太阳 能）无法保证的。 Nuclear technologies 核能技术 Most nuclear plants today use fission to split large atoms like uranium to release heat and generate electricity. 当今大多数核电厂使用「核分裂」，透过分裂如铀这样的大原子来释放热能并发电。 There are a few small modular reactors (SMRs) in operation in China and Russia , which represent the next generation of advanced, smaller-scale fission technology. 目前在中国和俄罗斯已经有少数「小型模组化反应炉」（SMR）投入运转，这代表着下一 代较小规模的先进核分裂技术。 But the real “holy grail” will be nuclear fusion, which works by fusing light atoms like hydrogen together at extremely high temperatures to release a massive amount of energy, according to Bank of America. 但根据美国银行的说法，真正的「圣杯」将是「核融合」——透过在极高温下融合像氢这 样的轻原子，以释放庞大的能量。 ‘Build, baby, build!’ 「建设吧，快建！」 The U.S. government has picked up on the nuclear opportunity with a sense of increasing urgency as it aims to close a reported 10-to-15-year development gap with China, according to the Energy Department. 根据美国能源部，美国政府已意识到核能的机会，并带着越来越紧迫的心态，力求缩小与 中国据称长达 10 至 15 年的发展差距。 While U.S. energy capacity overall has been stagnant for over a decade, China is adding the equivalent of the entire U.S. power capacity to its own grid every 18 months. 虽然美国整体能源产能停滞已超过十年，但中国每 18 个月就为自家电网新增相当於整个 美国发电量的电力。 At the current pace, China could overtake the U.S. in nuclear capacity by 2030 , according to BofA’s Tran. 依照美国银行 Tran 的估计，照这种速度，中国到 2030 年可能在核能发电能力上超越美 国。 In May, President Donald Trump issued four executive orders aimed at kickstarting nuclear investment. 2025 年 5 月，川普总统签署了四道行政命令，目的是推动核能投资。 Trump’s July 2025 AI Action Plan emphasized the need to develop AI infrastructure — especially nuclear-energy capabilities — and called on the nation to “build, baby, build!” 川普在 2025 年 7 月的《AI 行动计画》中强调，发展 AI 基础建设（尤其是核能能力） 是必要的，并呼吁全国「建设吧，快建！」 And nuclear energy was one of the top discussion topics during Trump’s visit to the U.K. this week, as Trump and British Prime Minister Keir Starmer signed a technology partnership involving investments in AI and nuclear power. 本周川普访问英国时，核能也是主要讨论议题之一。他与英国首相基尔·斯塔摩签署了一 项技术合作协议，其中涉及 AI 与核能投资。 Can nuclear deliver? 核能能实现吗？ Digital infrastructure has become critically intertwined with economic and military power, increasingly aligning public and private nuclear initiatives, Sean Farney, vice president of JLL’s Americas data-center strategy, pointed out. JLL 美国数据中心策略副总裁 Sean Farney 指出，数位基础建设已与经济和军事力量紧 密结合，这也使得公共与私人核能计画日益趋於一致。 Big Tech companies are increasingly dedicating resources to the development of nuclear energy; Nvidia, Microsoft, Meta, Amazon and Alphabet have all made nuclear-energy investments as they scramble to secure megawatts of power in the race to build the most advanced AI models. 大型科技公司正越来越多地投入资源於核能发展；Nvidia、Microsoft、Meta、Amazon 和 Alphabet 都已投资核能，以便在打造最先进 AI 模型的竞赛中抢先确保电力供应。 Building nuclear infrastructure is no easy feat. While SMRs are cheaper and quicker to build than traditional energy plants, fusion technology is still nascent. 建设核能基础设施并不容易。虽然小型模组化反应炉比传统电厂更便宜、建造更快，但核 融合技术仍处於初期阶段。 Benjamin Lee, an engineering and computer-science professor at the University of Pennsylvania, sees potential in the technology but acknowledged pragmatic constraints. 宾夕法尼亚大学工程与电脑科学教授 Benjamin Lee 看好这项技术的潜力，但也承认存在 现实限制。 “Nuclear is not a near-term solution. It may not even be a medium-term solution,” Lee told MarketWatch. “We don’t have an established industry that knows how to build nuclear on time and on budget.” 「核能不是短期解决方案，甚至可能不是中期解决方案，」Lee 告诉《MarketWatch》。 「我们还没有一个能准时并控制成本建造核电厂的成熟产业。」 By contrast, Tran pointed out that China can build nuclear plants in a three- to five-year time frame. 相比之下，Tran 指出，中国能在 3 到 5 年内建好核电厂。 Strict regulation, high upfront costs and a loss of expertise after a long pause in nuclear-plant building all pose challenges to nuclear development in the U.S. today. 严格的监管、高昂的前期成本，以及因长期停滞而流失的专业技术，都是美国核能发展的 挑战。 However, the urgent nature of the AI race could help alleviate the “ tremendously high regulatory hurdle,” according to Farney, as the Trump administration has been pursuing energy deregulation. 然而，根据 Farney 的说法，AI 竞赛的紧迫性可能有助於降低「极高的监管门槛」，因 为川普政府正推动能源去管制化。 With increased government support, Farney estimates that the time to deploy SMRs in the U.S. could be cut down from seven years to three. 在政府加大支持的情况下，Farney 估计美国建置 SMR 的时间可以从 7 年缩短至 3 年。 And with Big Tech companies allocating parts of their massive capital- expenditure budgets to nuclear energy, the industry is seeing a fresh wave of private investment which could accelerate development, according to Lee. 此外，随着大型科技公司将庞大资本支出的一部分投入核能产业，该产业正在迎来新一波 私人投资潮，这可能加速发展。 It all comes down to “getting a big-enough order book for new nuclear generation,” he said, as repeated construction will be the only way for the U .S. to rebuild its nuclear expertise. 他说，最终关键在於「获得足够大的新核电订单」，因为只有持续的建设才能让美国重建 其核能专业能力。 The stakes are high, as both Big Tech’s financial future and U.S. national security are on the line. But Farney is optimistic that the energy industry will achieve a breakthrough. 赌注极高，因为这同时攸关大型科技公司的财务前景与美国的国家安全。但 Farney 乐观 地认为能源产业会取得突破。 There’s “a whole lot of money involved,” Farney said, “and an incredible spirit of innovation.” Farney 说：「这里涉及的资金庞大，并且充满了惊人的创新精神。」 心得/评论： AI 竞赛的下一步是「能源战」。 谁能先解决 AI 用电的结构性短缺， 谁就可能在算力与 AI 模型竞争中领先。 中国在核能建设效率与国家推动上领先， 美国则依靠川普政策与 Big Tech 资本来追赶。 这不仅是科技与经济问题，更直接关乎国家安全。 --

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