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Silver's recent surge has been somewhat crazy—on Monday, international spot silver broke through $80 per ounce, with a market capitalization directly reaching $4.65 trillion, once surpassing Nvidia to become the second-largest asset globally. Industrial metals outperformed tech giants, which is indeed a first in the digital age.

The numbers are striking: an increase of over 170% this year, hitting a new high since 1979. The underlying logic is clear—central banks are stockpiling gold, ETF inflows are increasing, and expectations of Fed rate cuts are stacking up. Naturally, silver has skyrocketed along with these forces. But the deeper driver is actually a counter-effect of the AI boom. Data centers are consuming silver at an insane rate, supply is tightening, and inventories have fallen to multi-decade lows.

Funds are shifting. High-valuation tech stocks are losing favor, and "the poor man's gold" is attracting capital seeking high returns. Hard asset allocation has become the new hot spot. However, after the rapid rise, silver has also experienced a sharp correction, and bubble warnings are ringing.

The question now is: is this $4.65 trillion the start of a new silver era, or just the last flourish before a grand feast?