亚洲AI股也在轮动？“谷歌链”风头正盛，新范式正在形成

Group 1 - The article highlights a shift in investor focus towards emerging AI stocks in Asia, moving away from previously dominant players like TSMC and SK Hynix, as concerns about technological changes and market bubbles reshape investment strategies [1][4] - Investors are increasingly looking at smaller, lesser-known companies such as MediaTek and Zhongji Xuchuang, indicating a diversification in investment strategies within the AI sector [1][4] - Major companies that are essential for AI infrastructure may see a rebound in stock prices after a brief cooling period, as the market shifts focus from large language model training to practical applications and cost efficiency [1][4] Group 2 - The market is adopting a new narrative that suggests the dominance of large language model (LLM) companies may not be limited to OpenAI, prompting a recalibration of investment strategies and risk premiums [3][4] - SoftBank's stock, closely tied to OpenAI, experienced a significant drop of 38% in November, marking its worst monthly performance in 25 years, while TSMC and SK Hynix also saw declines of 4% [4] - The emergence of competitors and advancements in AI chip technology, such as Google's TPU and Amazon's Trainium 3, are contributing to a shift in market dynamics, with investors concerned about potential pricing pressures [4][6] Group 3 - Despite the rise of new AI players, established companies like TSMC and SK Hynix are not expected to remain dormant, as TSMC continues to lead in advanced chip manufacturing and SK Hynix holds a significant share of the HBM market [8] - TSMC's stock is projected to rise for the third consecutive year, with its market capitalization surpassing $1 trillion earlier this year [8] - The ongoing AI wave is prompting investors to explore new directions, driven by industry trends and the need for portfolio rebalancing, which is seen as a healthy market rotation effect [8]