Core Insights - The eight largest technology companies in the U.S. have seen their market value increase by over $1 trillion from early 2023 to the end of 2024, surpassing the combined GDP of Germany and Japan in 2024 [1][2][15] - This surge illustrates the profound impact of the current technology wave on the global economy [2][15] Market Performance - The total market capitalization of the eight major U.S. tech companies reached $187,001 million by December 31, 2024, accounting for 35% of the S&P 500, with a total market value increase of 62% [3] - Nvidia has become the first company globally to exceed a market value of $4 trillion, currently valued at $4.4 trillion, ranking just below the GDP of the U.S., China, and Germany [3][17] Sector Analysis - The strongest performers among U.S. tech companies are Nvidia and Broadcom in the upstream AI supply chain (semiconductors), while companies in the midstream (cloud services and large models) and downstream (AI terminals) are performing relatively weaker [4][17] - The value increment in the U.S. AI industry is primarily reflected in computing power and algorithm foundations following the global AI transformation initiated by OpenAI [4][17] China’s Competitive Advantages - China’s core advantages in AI development are identified in four key areas: data, application scenarios, manufacturing, and market size [5][17][18] - Public data in China accounts for over 80% of total societal data resources, with much remaining undeveloped, indicating significant future potential [7][17] - The AI application industry in China is entering a rapid growth phase, with breakthroughs in AI healthcare, education, finance, and other sectors [8][17] - China has a massive domestic market with over 1.4 billion people and more than 400 million middle-income groups, which could further stimulate the development of the AI industry [10][17] - China possesses the most complete manufacturing supply chain globally, with a manufacturing value added accounting for 28.9% of global manufacturing, providing a natural advantage in key sectors like embodied intelligence and low-altitude economy [12][18] Investment Opportunities - The article emphasizes the need to identify valuable investment targets among over 5,000 companies in the A-share market that can benefit from China's four core industrial advantages [18] - A masterclass is being offered to help investors understand the differences in the AI industry between China and the U.S. and to identify investment opportunities in the context of China's technology reassessment [18][24]