Group 1 - The search for new Asian equity winners in the artificial intelligence sector is intensifying as the market shifts focus from established leaders to smaller companies like MediaTek Inc. and Zhongji Innolight Co. [1] - Major firms essential to AI's infrastructure are expected to rebound after a period of cooling, as attention shifts from large language model training to everyday applications and cost reduction [2] - The market narrative is evolving, questioning whether OpenAI will remain the dominant player in large language models, prompting a recalibration of risk premiums [3] Group 2 - The recent launch of Alphabet Inc.'s upgraded Gemini model and its partnerships for in-house AI chips have contributed to a shift away from stocks heavily reliant on OpenAI and Nvidia [4] - SoftBank Group Corp., closely associated with OpenAI, experienced a significant stock decline of 38% in November, marking its worst month in 25 years, while TSMC and SK Hynix shares also fell by 4% [5] - As competition increases for ChatGPT, Nvidia's AI training processors are losing market focus, raising concerns about potential negative impacts on product pricing [6] Group 3 - If large language models become commoditized, companies with lower costs are likely to emerge as winners, indicating a critical period ahead for the AI bubble created by Nvidia and OpenAI [7]