Core Insights - The demand for AI computing power has surged this year, leading to significant stock price increases for AI chip and related industry companies such as Cambricon, Shenghong Technology, and Industrial Fulian [1][2] - Concerns about potential market bubbles have emerged, including issues related to valuation, technological bottlenecks, and capital competition [1] - NVIDIA and OpenAI announced a groundbreaking investment plan of $100 billion to build a 10 GW AI data center, further igniting market expectations for AI computing power [1][2] AI Infrastructure Competition - The global AI competition has entered a new phase characterized by "super large scale, super high energy consumption, and super high investment" [2] - NVIDIA's partnership with OpenAI marks a significant milestone in AI computing, with NVIDIA's stock reaching a historical high following the announcement [2] - This collaboration is expected to enhance the entire AI supply chain, from chips to data center operations, while intensifying the competition for "computing sovereignty" between nations [2][3] Shift from Model to Computing Power - The competition in AI is shifting from model development to foundational computing power, with the U.S. controlling 75% of global computing power [3][4] - China's efforts to catch up in computing hardware are likely to intensify, with a focus on semiconductor supply chains and collaboration among internet companies [3][4] Opportunities and Challenges in Data Center Development - China is advancing in the construction of super AI data centers, supported by a vast internet user base and abundant power resources [5][6] - The "East Data West Computing" initiative aims to create a network of super data centers, which is expected to accelerate progress in AI infrastructure [5][6] - However, challenges remain, particularly in technology and supply chain independence, as restrictions on chip exports from the U.S. create significant hurdles for China's semiconductor industry [7][8] Investment Logic Transformation - The core of AI competition is evolving from "model chasing" to "building an independent computing foundation," reshaping industry development paths and investment strategies [9] - There is a growing trend towards investing in hardware first, followed by software, with significant opportunities anticipated in AI edge devices and applications [9][10] - The focus on leading companies and emerging technologies is expected to provide stability and potential for excess returns in the evolving market landscape [10]