Interest Rate Analysis of the AI Revolution: Infinite Intelligence and Limited Capital In the past three hundred years, every industrial revolution has reshaped the law of interest rates. From steam engines to electrification, from the Internet to cloud computing, interest rates always fluctuate in the technological wave: The initial investment boom drove up interest rates, followed by productivity gains leading to cost reductions and long-term interest rate declines. But the AI revolution may break this historical convention. Because artificial intelligence is not a technology, but an intelligent infrastructure that can self compound. If human demand for intelligence is infinite, then the demand for capital may also be endless. Computing power, electricity, data centers, and chips - these new "industrial lands" are becoming the coal and steel of the 21st century. 1、 The re physicalization of capital The information revolution has turned capital into code, making replication almost cost free. The AI revolution has brought capital back to the physical world: Huge data centers, GPU supply chains, cooling systems, power dispatch Every leap in intelligence requires real silicon wafers, energy, and land. This means that there is no natural upper limit to investment demand, and capital has once again become 'heavy'. In this context, interest rates no longer simply reflect monetary policy or savings supply, But rather the result of the expansion speed of intelligent infrastructure. The marginal return of AI will not decrease, but increase: The stronger the computing power, the smarter the model; The smarter the model, the greater the computing power demand it creates. This constitutes an intelligent capital spiral—— Investment drives intelligence, and intelligence in turn stimulates more investment. 2、 From long-term decline to 'multimodal plateau' Over the past two hundred years, interest rates have generally shown a downward trend. (See attached table) But in the era of AI, global interest rates may enter a "multimodal plateau": Every AI sub revolution (computing power, automation, energy, biological intelligence) It will bring about a new round of capital expenditures and interest rate hikes, Subsequently, the release of productivity dividends and the decrease in risk premiums led to a decline in interest rates. At the same time, with almost unlimited demand for intelligence and rapid intelligent growth continuously increasing productivity, the demand for capital continues to rise, surpassing the supply of capital, resulting in a continuous increase in the interest rate baseline. So, the "multi peak plateau" of interest rates is more likely to present an upward step shape. 3、 The Steady State of Intelligent Agent Economy: The Ultimate Balance of Capital Just as every industrial revolution is accompanied by a financial revolution, providing cheap capital for the industrial revolution, This AI revolution is likely to be accompanied by a new financial revolution The existing economic model is likely to be replaced by a more efficient AI agent economy. Agents are capital, channels, and entities that create value. When AI agents penetrate the economy into energy, biology, manufacturing, and governance, The speed of intelligent replication will approach the growth rate of capital itself. At that time, the global economy may enter an "intelligent steady state": Productivity maintains high growth, and interest rates begin to stabilize. But by then, interest rates are likely to no longer be under the control of the Federal Reserve or any central bank, but rather automatically formed by transactions between AI agents running 7x24 on the chain. We may have already stepped onto the threshold of the AI capitalist era with one foot.