Zheng Quan Shi Bao·2025-10-25 15:37Core Insights - Global hedge funds have significantly increased their exposure to artificial intelligence-related hardware, reaching the highest level in October, indicating a bullish sentiment towards the AI market [1][3][4] Hedge Fund Activity - Hedge funds have heavily invested in semiconductor and related chip stocks, focusing on long positions, betting on the rise of Asian and American companies [4][5] - There is a notable shift in hedge fund enthusiasm from large tech companies, known as the "Magnificent Seven," to smaller companies associated with AI concepts [5][6] Semiconductor Market Dynamics - The storage chip sector is experiencing a "super cycle" driven by AI demand, with major suppliers like Samsung and SK Hynix raising prices of DRAM and NAND flash by up to 30% [1][7] - Predictions indicate that the average price of DRAM will increase by 25%-26% in Q4, following a 10% rise in the previous quarter, suggesting a continuing price surge [7][8] Capital Expenditure Forecasts - Goldman Sachs has raised its capital expenditure forecast for leading Chinese cloud companies, predicting Alibaba's total capital expenditure will reach 460 billion RMB from FY2026 to FY2028, significantly higher than the previous target of 380 billion RMB [1][10] - The surge in AI inference demand is expected to enhance capital expenditure conversion rates into cloud revenue, accelerating revenue growth for these companies [10] Competitive Landscape in AI - Chinese multimodal AI models are gaining global traction, with companies like Airbnb utilizing Alibaba's Qwen model, showcasing the competitive advantage of open-source and cost-effective strategies [11] - The commercialization of Chinese To-C applications is evolving along the lines of ChatGPT, with companies like ByteDance and Alibaba making significant strides in consumer-facing AI applications [11] Valuation Perspectives - Goldman Sachs believes there is currently no AI bubble, with the AI capital expenditure boom expected to last until 2026, and the projected P/E ratios for Tencent and Alibaba remain reasonable compared to their U.S. counterparts [11]