<p>随着人工智能和数据中心的快速扩展，它们对关键材料的无止境需求正在创造意想不到的市场动态。泛美白银的首席执行官迈克尔·施泰因曼在最近接受 CNBC《收盘铃超时》节目采访时，阐明了这一新兴趋势，讨论了推动银价创下新高的力量以及支撑这一激增的结构性赤字。他的见解为创始人、投资者和科技领袖提供了一个重要的视角，帮助他们应对未来经济的基础资源需求。</p>
<p>施泰因曼在 CNBC 的《收盘铃超时》节目中与艾森和福特深入探讨了银市场的现状，指出工业和投资需求是推动该金属当前创纪录上涨的关键因素。他强调了银作为现代技术关键元素的独特地位，这一因素常常被其作为贵金属的传统角色所掩盖。这种双重用途正在对全球供应链施加前所未有的压力。</p>
<p>银的工业应用是其市场价值的重要组成部分，但常常被低估。施泰因曼强调，约 65% 的银产量被工业用途消耗，其中太阳能电池板的生产是最大的单一领域。除了可再生能源，银无与伦比的电导率使其在各种电子应用中不可或缺。“银是世界上最好的电导体，” 施泰因曼表示，解释了其在 “计算机、手机、人工智能、数据中心等任何快速连接中都需要大量银” 的必要性。这一与人工智能革命基础设施的直接联系突显了银日益增长的战略重要性。</p>
<p>来自人工智能和数据中心的需求激增不仅仅是一个渐进的增加；它代表了金属消费特征的根本转变。随着人工智能模型的复杂性增加和数据处理需求飙升，对高效、高速电连接的需求也在加剧。银凭借其优越的导电性，成为首选材料，嵌入推动人工智能繁荣的先进计算硬件的核心。这一技术需求确保了对银的持续和增长的工业需求，使其从一种小众材料转变为数字时代的基石。</p>
<p>这种工业需求的加剧伴随着显著且持续的供应侧挑战。施泰因曼指出，“过去五年银的结构性赤字”，并表示 “我们并没有看到来自矿业方面的更多生产增加。” 这一赤字不仅仅是暂时的不平衡，而是根植于银的主要来源方式的系统性问题。全球 75% 的银产量是作为其他金属（主要是铜和锌）开采的副产品。这意味着银的产出本质上与这些主要金属的生产周期和经济可行性紧密相关，而不是由直接的银矿开采操作驱动。</p>
<p>这一副产品动态的影响深远。铜作为银的主要副产品来源，已经经历了自己的需求激增，达到了历史新高。然而，即使铜矿以满负荷运转，近期也没有实质性的新的铜或锌项目计划上线。这有效地限制了银的潜在增产，无论银价因其独立的需求驱动而多高。市场面临根本的不匹配：来自人工智能等变革性技术的需求不断上升，而供应链却缺乏显著扩展的灵活性和能力。这一结构性约束表明，当前的供应挑战不太可能迅速缓解。</p>
<p>除了工业消费，银还吸引了显著的投资兴趣，常被视为避险资产和通胀对冲，与黄金类似。这种双重角色意味着银既受益于经济扩张（推动工业使用），也受益于经济不确定性（推动投资需求）。这些力量的结合对价格形成了强大的上行压力。关于银市场 “空头挤压” 的讨论，源于对可用库存与交易量之间的担忧，进一步突显了市场当前的紧张和波动性。虽然库存可以在不同地点之间转移，但潜在的物理赤字依然存在。</p>
<p>银供应的持续赤字，加上电气化、自动驾驶汽车和人工智能的不断增长，清晰地描绘出持续的需求。这些趋势的交汇表明，银作为关键金属的提升地位并非短暂现象，而是长期现实。确保充足银供应的战略重要性将对依赖先进电子产品和绿色技术的行业愈发加剧。</p>

泛美白银

<p>潘美银的首席执行官迈克尔·斯坦曼在接受 CNBC 采访时讨论了由人工智能和数据中心推动的白银需求上升。他强调了白银在现代科技中的关键作用，特别是在电子产品和可再生能源领域。斯坦曼指出，白银供应存在结构性短缺，75% 的产量是其他金属的副产品。这种供需失衡导致了创纪录的高价格，并突显了白银日益增长的战略重要性</p>

<p>As artificial intelligence and data centers rapidly expand, their insatiable demand for critical materials is creating unexpected market dynamics. Michael Steinmann, CEO of Pan American Silver, illuminated this burgeoning trend in a recent CNBC ‘Closing Bell Overtime’ interview with Sara Eisen and Jon Fortt, discussing the forces propelling silver to record highs and the structural deficits underpinning this surge. His insights offer a crucial perspective for founders, investors, and tech leaders grappling with the foundational resource requirements of the future economy.</p>
<div class="lb-trans"><p>随着人工智能和数据中心的快速扩展，它们对关键材料的无止境需求正在创造意想不到的市场动态。泛美白银的首席执行官迈克尔·施泰因曼在最近接受 CNBC《收盘铃超时》节目采访时，阐明了这一新兴趋势，讨论了推动银价创下新高的力量以及支撑这一激增的结构性赤字。他的见解为创始人、投资者和科技领袖提供了一个重要的视角，帮助他们应对未来经济的基础资源需求。</p>
</div><p>Steinmann, speaking with Eisen and Fortt on CNBC’s ‘Closing Bell Overtime,’ delved into the state of the silver markets, identifying both industrial and investment demand as key drivers for the metal’s current record run. He highlighted silver’s unique position as a critical element for modern technology, a factor often overshadowed by its traditional role as a precious metal. This dual utility is creating unprecedented pressure on global supply chains.</p>
<div class="lb-trans"><p>施泰因曼在 CNBC 的《收盘铃超时》节目中与艾森和福特深入探讨了银市场的现状，指出工业和投资需求是推动该金属当前创纪录上涨的关键因素。他强调了银作为现代技术关键元素的独特地位，这一因素常常被其作为贵金属的传统角色所掩盖。这种双重用途正在对全球供应链施加前所未有的压力。</p>
</div><p>The industrial application of silver is a significant, yet often underappreciated, component of its market value. Steinmann emphasized that approximately 65% of all silver produced is consumed by industrial uses, with solar panel production being the single largest segment. Beyond renewable energy, silver’s unparalleled electrical conductivity makes it indispensable in a vast array of electronic applications. “Silver is the best electric conductor in the world,” Steinmann stated, explaining its necessity for “any fast connection you need in your computer, in your cell phone, AI comes to mind, data centers, you need a lot of silver for that.” This direct link to the foundational infrastructure of the AI revolution underscores silver’s escalating strategic importance.</p>
<div class="lb-trans"><p>银的工业应用是其市场价值的重要组成部分，但常常被低估。施泰因曼强调，约 65% 的银产量被工业用途消耗，其中太阳能电池板的生产是最大的单一领域。除了可再生能源，银无与伦比的电导率使其在各种电子应用中不可或缺。“银是世界上最好的电导体，” 施泰因曼表示，解释了其在 “计算机、手机、人工智能、数据中心等任何快速连接中都需要大量银” 的必要性。这一与人工智能革命基础设施的直接联系突显了银日益增长的战略重要性。</p>
</div><p>The burgeoning demand from AI and data centers is not merely an incremental increase; it represents a fundamental shift in the metal’s consumption profile. As AI models grow in complexity and data processing requirements skyrocket, the need for efficient, high-speed electrical connections intensifies. Silver, with its superior conductivity, becomes the material of choice, embedded in the very fabric of the advanced computing hardware driving the AI boom. This technological imperative ensures a persistent and growing industrial appetite for silver, transforming it from a niche material into a cornerstone of the digital age.</p>
<div class="lb-trans"><p>来自人工智能和数据中心的需求激增不仅仅是一个渐进的增加；它代表了金属消费特征的根本转变。随着人工智能模型的复杂性增加和数据处理需求飙升，对高效、高速电连接的需求也在加剧。银凭借其优越的导电性，成为首选材料，嵌入推动人工智能繁荣的先进计算硬件的核心。这一技术需求确保了对银的持续和增长的工业需求，使其从一种小众材料转变为数字时代的基石。</p>
</div><p>Compounding this industrial demand is a significant, persistent supply-side challenge. Steinmann pointed to a “structural deficit on silver for the last five years,” noting that “we just don’t see more increased production from the mining side.” This deficit is not merely a temporary imbalance but a systemic issue rooted in how silver is primarily sourced. A striking 75% of the world’s silver production is derived as a byproduct of mining other metals, chiefly copper and zinc. This means that silver output is intrinsically tied to the production cycles and economic viability of these primary metals, rather than being driven by direct silver mining operations.</p>
<div class="lb-trans"><p>这种工业需求的加剧伴随着显著且持续的供应侧挑战。施泰因曼指出，“过去五年银的结构性赤字”，并表示 “我们并没有看到来自矿业方面的更多生产增加。” 这一赤字不仅仅是暂时的不平衡，而是根植于银的主要来源方式的系统性问题。全球 75% 的银产量是作为其他金属（主要是铜和锌）开采的副产品。这意味着银的产出本质上与这些主要金属的生产周期和经济可行性紧密相关，而不是由直接的银矿开采操作驱动。</p>
</div><p>The implications of this byproduct dynamic are profound. Copper, a major source of byproduct silver, is already experiencing its own demand surge, reaching all-time highs. Yet, even with copper mines operating at full capacity, there are no substantial new copper or zinc projects slated to come online in the near future. This effectively caps the potential for increased silver production, regardless of how high silver prices climb due to its own independent demand drivers. The market faces a fundamental mismatch: escalating demand from transformative technologies like AI, coupled with a supply chain that lacks the agility and capacity for significant expansion. This structural constraint suggests that the current supply challenges are unlikely to abate quickly.</p>
<div class="lb-trans"><p>这一副产品动态的影响深远。铜作为银的主要副产品来源，已经经历了自己的需求激增，达到了历史新高。然而，即使铜矿以满负荷运转，近期也没有实质性的新的铜或锌项目计划上线。这有效地限制了银的潜在增产，无论银价因其独立的需求驱动而多高。市场面临根本的不匹配：来自人工智能等变革性技术的需求不断上升，而供应链却缺乏显著扩展的灵活性和能力。这一结构性约束表明，当前的供应挑战不太可能迅速缓解。</p>
</div><p>Beyond industrial consumption, silver also garners significant investment interest, often seen as a safe-haven asset and an inflation hedge, similar to gold. This dual role means silver benefits from both economic expansion (driving industrial use) and economic uncertainty (driving investment demand). The combination of these forces creates a potent upward pressure on prices. Talk of a “short squeeze” in the silver market, driven by concerns over available inventory versus trading volumes, further highlights the market’s current tightness and volatility. While inventory can shift between locations, the underlying physical deficit remains.</p>
<div class="lb-trans"><p>除了工业消费，银还吸引了显著的投资兴趣，常被视为避险资产和通胀对冲，与黄金类似。这种双重角色意味着银既受益于经济扩张（推动工业使用），也受益于经济不确定性（推动投资需求）。这些力量的结合对价格形成了强大的上行压力。关于银市场 “空头挤压” 的讨论，源于对可用库存与交易量之间的担忧，进一步突显了市场当前的紧张和波动性。虽然库存可以在不同地点之间转移，但潜在的物理赤字依然存在。</p>
</div><p>The ongoing deficit in silver supply, coupled with the relentless growth of electrification, autonomous vehicles, and artificial intelligence, paints a clear picture of sustained demand. These converging trends indicate that silver’s elevated status as a critical metal is not a fleeting phenomenon but a long-term reality. The strategic importance of securing adequate silver supply will only intensify for industries reliant on advanced electronics and green technologies.</p>
<div class="lb-trans"><p>银供应的持续赤字，加上电气化、自动驾驶汽车和人工智能的不断增长，清晰地描绘出持续的需求。这些趋势的交汇表明，银作为关键金属的提升地位并非短暂现象，而是长期现实。确保充足银供应的战略重要性将对依赖先进电子产品和绿色技术的行业愈发加剧。</p>
</div>

白银的上涨：人工智能和数据中心推动关键金属创下历史新高