Jan van Eck: The AI 2.0 trade has been suffering

• AI trade is driving S&P 500 and Nasdaq to record highs, with semiconductor stocks like AMD up +37% in one month.
• The S&P 500's year-to-date performance (+14.35%) significantly outpaces the S&P 500 excluding AI stocks (+5.90%).
• The 'AI 2.0 trade' (supporting ecosystem for AI, including nuclear energy for data centers) has been challenged but may be nearing a bottom, with potential for recovery.

The S&P 500 and Nasdaq are at record highs, largely propelled by the re-ignited AI trade, particularly in semiconductor stocks (AI 1.0). While the 'AI 2.0 trade' focusing on supporting infrastructure like nuclear energy for data centers has lagged due to political concerns, there's optimism for a potential rebound as fears may be priced in.