In-depth Analysis of AI Concept Stock Market: Computing Power and Application as Dual Mainstays Lead the Market, New Logic in Institutional Fund Allocation

In September 2026, the artificial intelligence concept stock market showed unprecedented activity. Driven by dual forces of technological breakthroughs and commercialization, all segments of the AI industry chain demonstrated strong growth momentum. This article will conduct an in-depth analysis of the current market characteristics, capital flows, and future investment opportunities in the AI concept stock market to provide comprehensive market insights for investors.

I. Overall Market Performance: Structural Trends Persist, Dual Mainstays Lead

Entering the second half of 2026, the AI concept stock market exhibited distinct structural trend characteristics. Despite overall market fluctuations, the AI sector remained relatively strong, becoming a core area of capital focus. Data shows that the AI concept stock index has risen by over 35% year-to-date, significantly outperforming the broader market index.

In sub-sectors, computing power and application emerged as the two main market focuses. The computing power segment benefited from surging demand for large model training and the promotion of domestic substitution policies, with related stocks performing particularly well. The application end, on the other hand, benefited from accelerated commercialization, especially AI solutions in vertical fields like finance, healthcare, and education, showing strong growth potential.

II. Computing Power Industry Chain: Policy Support and Demand Resonance

As the foundational support for AI development, all segments of the computing power industry chain are witnessing development opportunities. From chip design to server manufacturing and data center construction, the entire computing power industry chain shows a comprehensive boom.

• Chip Segment: Domestic AI chip companies are making breakthroughs, with enterprises like Enflame Technology and Cambricon successively launching new-generation inference chips whose performance indicators approach international advanced levels, accelerating the domestic substitution process.
• Servers and Data Centers: As the parameter scale of large models continues to expand, demand for computing power grows exponentially. Server manufacturers like Huawei and Inspur Information have full order books, and a boom in data center construction is sweeping the country.
• Optical Communication: Optical communication enterprises like Accelink Technology benefit from the demand for computing power network construction, with their stock prices hitting new highs repeatedly, becoming a market focus.

At the policy level, the country continues to increase investment in computing power infrastructure, with the "East Data, West Computing" project advancing, providing strong support for the computing power industry's development. Meanwhile, local governments have also introduced supporting policies to promote the construction of computing power industry clusters.

III. Application End Boom: Accelerated Commercialization

Compared to the heat of the computing power segment, the performance of the application end is equally remarkable. As AI technology matures, industries' acceptance of AI solutions has significantly increased, and the commercialization process has accelerated noticeably.

• Fintech: AI applications in the financial sector have moved from the concept verification stage to large-scale application, with solutions like intelligent investment advisory, risk control, and anti-fraud becoming standard for financial institutions.
• Healthcare: Application scenarios like AI-assisted diagnosis and drug R&D are continuously expanding. Cooperation cases between NVIDIA and Chinese pharmaceutical companies show that AI has huge commercialization potential in the healthcare field.
• Intelligent Manufacturing: AI is deeply integrated with the manufacturing industry, driving industrial upgrading. In the first half of 2026, intelligent manufacturing investment in the manufacturing sector increased by 45% year-on-year, becoming a new engine for economic growth.
• Digital Humans: AI digital human technology demonstrates strong commercial value in fields like live streaming e-commerce and customer service, with related concept stocks being sought after by the market.

IV. Capital Flows: New Logic in Institutional Portfolio Adjustments

Looking at capital flows, institutional investors' allocation in AI concept stocks shows new trend changes. The past investment logic centered on computing power is extending to the application end, with commercialization realization capability becoming a core indicator of institutional focus.

Latest holdings data from public funds show that the AI investment mainstay has shifted from pure computing power hardware to application end enterprises with clear commercialization paths. Especially those AI solution providers that have formed competitive advantages in vertical fields and have stable customer bases have become key allocation targets for institutional funds.

Foreign institutions have also voiced their views intensively, believing that the inflection point of AI capital expenditure has arrived, and AI will remain the most certain investment mainstay in the second half of the year. Multiple foreign investment banks have raised ratings for AI-related stocks, optimistic about their long-term development potential.

V. Investment Strategy: Seizing Structural Opportunities

Facing the complex AI concept stock market, investors need to adopt more refined investment strategies:

• Focus on Earnings Certainty: Choose AI enterprises that have achieved commercialization and have continuously growing revenue, avoiding pure concept speculation.
• Grasp Industry Trends: Pay attention to policy orientation and industry development trends, such as domestic substitution, vertical field applications, etc.
• Diversify Investments: Reasonably allocate between the two mainstays of computing power and application to reduce risks in a single segment.
• Long-term Holding: The AI industry is still in its early development stage, with long-term growth logic, making it suitable as a long-term allocation asset.

VI. Risk Warnings

Although the prospects of AI concept stocks are broad, investors still need to pay attention to related risks:

• Technological Iteration Risk: AI technology develops rapidly, and technological routes may undergo major changes, leading to investment risks.
• Policy Change Risk: AI industry policies may be adjusted, affecting the development pace of the industry.
• Market Competition Risk: The AI field is highly competitive, and enterprises face significant competitive pressure.
• Valuation Risk: Some AI concept stocks have high valuations, with potential for correction risks.

VII. Future Outlook

Looking ahead, the AI concept stock market is expected to remain active. With technological progress and accelerated commercialization, the AI industry will enter a new development stage. The dual mainstays of computing power and application will continue to lead the market, and leading enterprises with core technologies and commercialization capabilities will gain greater development space.

For investors, now is the golden period to allocate to the AI industry. By conducting in-depth research on each segment of the industry chain, grasping industry development trends, and selecting high-quality targets, one can expect to obtain substantial returns in the AI era.

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