峰瑞资本李丰：2026年，AI投资的逻辑与展望

Core Viewpoint - The current AI investment wave is characterized as the most financially abundant in history, driven by unprecedented liquidity and technological advancements [2][4][5]. Group 1: AI Investment Landscape - The AI investment boom began in November 2022 with the emergence of ChatGPT, marking three years of heightened interest and competition, particularly between the US and China [3][4]. - Central banks globally expanded their balance sheets by $12 trillion from 2020 to 2021, leading to an extraordinary increase in liquidity, estimated at nearly $50 trillion when considering the money multiplier effect [4][5]. - The influx of capital has resulted in a significant reallocation of investments, with a notable shift towards the US market due to geopolitical uncertainties in Europe and China [5][6]. Group 2: Future Investment Narratives - By 2026, the focus will shift from merely possessing technology to effectively utilizing it for profit, emphasizing the importance of practical applications over theoretical advancements [2][8]. - The AI investment cycle is expected to progress through three stages: initial focus on technology, followed by exploration of its applications, and ultimately, the realization of profitable use cases [8][9]. - Historical patterns suggest that while the US led in the first technology cycle, the second saw a balance between the US and China, and the third may present opportunities for Chinese advancements to surpass those of the US [9][10].