Core Insights - The H1 2026 CIO Report by Noah Holdings highlights a significant shift in wealth management strategy, emphasizing the transition of AI from a speculative technology to a critical long-term infrastructure asset class [1][2] Wealth Management Strategy - The report indicates that the focus of wealth management is moving from maximizing short-term returns to preserving long-term certainty amid macroeconomic uncertainties [2] - Noah's CIO Office asserts that AI has transitioned from a "software-only" phase to a long-term infrastructure-building cycle, with investment value lying in the foundational assets required for large-scale AI deployment [2][3] AI Infrastructure and Portfolio Management - AI infrastructure is viewed as a strategic anchor for portfolios, enhancing stability and providing long-duration cash flow characteristics, while not replacing equities or venture capital [3][4] - The report introduces a three-layer allocation framework for family portfolios, which includes core long-term assets, liquidity and risk management layers, and legacy structures for intergenerational continuity [4] Historical Context and Consistency - Since 2022, Noah's CIO Office has published ten reports, establishing a consistent framework for navigating global macro shifts, with the latest report focusing on AI infrastructure as a cornerstone for future asset allocation [5]