Core Insights - The global market is experiencing a dual storm of "AI leap" and "geopolitical restructuring" as it enters 2026, with Morgan Stanley predicting extreme volatility and Omdia forecasting a 31.26% growth in China's semiconductor market, reaching $546.5 billion [1] Group 1: Computing Power Dominance - The demand for computing power is expected to grow exponentially, driven by advancements in large language models (LLMs) and the adoption of "smart factory" models by LLM developers [1] - In China, the "edge AI era" is officially beginning, with digital terminals capable of edge inference (such as smartphones and vehicles) becoming the main drivers of semiconductor expansion [1] - Domestic AI chip suppliers in China are expected to capture a larger share of the market due to increased pressure from import bans [1] Group 2: Storage Chip Supercycle - The demand for high-performance storage (HBM) is surging as global AI infrastructure expands, leading to a significant upward revision of the storage market forecast by Omdia, which is now up by 62.8% [1] - China's reliance on Samsung and SK Hynix for 90% of its high-end storage results in low self-sufficiency and weak bargaining power, keeping average selling prices (ASP) of storage chips high [1] - A global shortage of storage chips is expected to persist until 2027-2028, which will be a major constraint on the shipment volumes of terminal devices [1] Group 3: Manufacturing Landscape in a Multipolar World - The U.S. is expected to see a resurgence in high-end manufacturing due to policies aimed at securing critical mineral and energy supplies, with automation technologies reducing the advantage of low-cost labor [1] - China aims to expand its market share in global tech manufacturing by leveraging its mature processes and vertical industry capabilities, despite facing external regulations [1] - In 2026, China is anticipated to achieve diversified breakthroughs in AI infrastructure through deep collaboration between computing power and AI ecosystems [1] Group 4: Energy and Deflationary Pressures - Energy costs are projected to become a critical factor in AI expansion, with AI giants moving towards "off-grid" strategies to control infrastructure directly [1] - By the second half of 2026, AI-driven cost reduction effects are expected to lead to rapid declines in the prices of certain goods, while the valuation of scarce assets that cannot be replicated by AI may rise [1]