Core Insights - AI is currently playing a role as a cost-reducing and efficiency-enhancing tool in the gaming industry, helping to generate game content and art assets, thereby narrowing the cost gap between small teams and large studios [1] - The future vision is for AI to deeply integrate with game content, transitioning from a background tool to a co-creator of content, enhancing player interaction and experience [1][2] - AI is transforming the interaction methods within games, allowing for real-time conversations and dynamic interactions with NPCs, leading to the emergence of an "alive world" in gaming [2] Industry Trends - AI is evolving from a mere tool to a co-creator of content, with AI-driven NPCs capable of interactive dialogues and personalized experiences, resulting in exponential growth in content supply [1][2] - The emotional companionship market for AI is projected to grow significantly, with estimates suggesting it could reach 2000 times its current size by 2030, indicating a promising commercial opportunity [2] - New gaming products like EVE are showcasing immersive 3D interactions and real-world integration, enhancing user engagement and demonstrating the potential for virtual and real-world interactions [3] Cost and Commercialization - The high cost of computing power has been a major barrier to the widespread adoption of AI in gaming, but this is expected to change as costs decrease significantly by 2025, making AI gaming more commercially viable [4] - The daily token cost for AI gaming is projected to drop to 1.5% of total game costs by 2025, indicating a shift towards normal operational costs and paving the way for commercial applications [4] Investment Opportunities - The investment logic in the gaming sector focuses on industry fundamentals driven by licensing supply and product cycles, as well as valuation metrics indicating growth potential [4] - The gaming sector is expected to experience a thematic catalyst and fundamental resonance, presenting investment opportunities through gaming ETFs, particularly in light of the high expectations for AI in overseas markets [4]