After the AI carnival, where is the new investment window?

By Think AI, Aaron

Original title: Missed the surge in AI stocks, what now?

This round of artificial intelligence stocks has been rising for three and a half years, and there is no sign of stopping;

Seeing the collapse of US stocks last year, people in the AI bubble fell into contemplation one after another.

The Korea Index has blown up 19 times this year; the general market index has quadrupled since last year; Hynix has risen 260% during the year, either at a new high, or on the way to a new high;

American storage giant Micron surpassed trillion US dollars in market capitalization and ranked among the top 10 US companies by market capitalization. It has more than tripled during the year, with an increase of more than 10 times in one year;

The Japanese side previously invested in SoftBank because of its heavy investment in AI, and its stock price has continued to rise, making it one of the companies with the highest market capitalization in Japan.

Domestic Yu Shu and Changxin have already passed the meeting. Changxin's market capitalization is 1.5-2 trillion dollars, directly to the top 5 of A-shares;

However, AI companies such as Nvidia and Google are always in the midst of fear of rising; news has even surfaced that domestic housing prices are picking up in Shenzhen, etc., and as semiconductor and AI companies have exceeded their expected earnings, executives of these companies have begun to seize properties in batches.

However, there is another scene. Loans to buy gold at the beginning of the year are still being held up, and domestic consumer stocks are still plummeting. Many netizens said that they have completely missed this wave of the AI bull market and are very anxious every day. What should we do now?

Few people always make money

Let's take a look at the data. In 2025, the profit ratio of A-share retail investors was only about 18.9%, the loss ratio was as high as 81.1%, and the per capita loss was about 21,000 yuan. The loss ratio of small retail investors under 100,000 yuan is even close to 98.7%.

This is when the general market index closed up nearly 20% in 2025, the biggest increase of 80% in 50 years of science and innovation, and the overall rise last year. Wind data shows that in 2025, 500 stocks doubled, and more than 120 companies more than tripled.

When the market recouped in January-April 2026, faith in AI collapsed, and institutions cut their meat at a low point.

At the time of the decline, AI stocks experienced a wave of holdings reduction, and the shareholders + executives of Zhongji Xuchuang (optical module) reduced their holdings by 4.914 billion yuan, then the stock price rose by another 35%; Li Qiong, the majority shareholder of Kunlun World Wide, planned to reduce his holdings by 35.86 million shares, and the stock price plummeted 20% after the announcement, but then rebounded 40% within 1 month, and some shareholders who reduced their holdings “sold on the floor”.

A special report on the reduction of holdings in the AI sector of brokerage firms in China indicates that in the AI computing power sector in 2026, the potential profit loss due to premature reduction in institutional holdings exceeds 200 billion yuan (based on the average increase after reducing holdings).

However, many of the institutions that firmly hold AI have taken a wrong turn.

At the end of 2025, institutions bet on vertical applications such as AI education and AI healthcare. As a result, vertical applications never exploded. In 2026, the average decline in these sectors was over 20%, while the computing power sector increased by 50% +;

When I came abroad, I went on short selling all the time.

The world-renowned fund, Bridgewater Fund, drastically reduced its holdings of Nvidia (nearly two-thirds), Alphabet (more than half), Amazon (9.6%), and Microsoft (35%) in Q3 2025, followed by an average increase of more than 80% from Q4 2025 to Q1 2026;

There are even a few shorters; short positions in the US stock market recently hit a new high since 2012.

According to the data, the total leverage ratio of hedge funds has risen to around 293%, and the S&P 500 short exposure and days-to-cover indicators have both set records.

As strong as Buffett, he began reducing positions early. In 2026, Q1 cash reserves reached a record high of US$397.38 billion, completely skipping the AI market and missing out on the sharp rise in US technology stocks.

Multiple waves at the same time

However, it is undeniable that AI is still the most definitive and revolutionary opportunity in the current market.

AI is not a short-term concept, but a revolution in underlying infrastructure like electricity and the Internet. Historical experience shows that many people who missed the first wave of technology stocks found opportunities at the application layer or in the next round of infrastructure upgrades.

China also has unique room for AI self-research, application implementation, and repair shortcomings in the industrial chain.

When we are confused and anxious, we might as well take a look at what the best people in the industry think. Maybe they can give us some guidance and enlightenment.

Tencent's Ma Huateng, who has always been thought to be lagging behind in the AI era, has been catching up since last year, and his speech at the shareholders' meeting in May of this year sparked a heated discussion.

Regarding AI, he said, “We thought we were on the boat a year ago, but later discovered that the boat was leaking. Now it feels like it's standing up and still can't sit down. I still want the boat to be a little faster.”

Regarding “what to do next,” he pointed out that “if you can't watch others do it, just walk over and grab other people's land. We also robbed other people's land in the past, but then basically failed.”

Indeed, the AI era has a wide range of opportunities. Combining your own strengths and characteristics, finding the best opportunity for yourself is the best choice.

Ma Yun, who is now behind the scenes, but has deep insight into AI 10 years ago, said that AI is an industrial revolutionary opportunity that has been encountered in hundreds of years, comparable to the invention of electric power. The AI era has only just begun. Now is the right time to lay out the layout; there is no time to miss it;

From computing power infrastructure and large-scale model platforms to industry AI applications, the entire industry chain continues to unlock long-term investment opportunities.

Seen from this perspective, the entire industrial chain has limitless opportunities. Whether it's work, investment, or entrepreneurship, as long as you deeply cultivate along the industrial chain, as long as you go deep into the AI wave, and Duan Yongping's long-term mentality, you will eventually gain something.

Now the big model is smart enough, but only Claude took the lead in making a profit on the coding agent circuit, and AI+ is still on the way.

The next round of structural opportunities will definitely be reserved for those who are well-prepared and have a stable mentality.