AI Concept Stocks Market Analysis: Computing Power and Application as Dual Mainstays Leading the Market, New Logic in Institutional Fund Allocation

On September 28, 2026, the AI concept stocks market showed a clear differentiated pattern, with computing power and application as dual mainstays leading market trends, and institutional fund allocation presenting a new logic. Driven by the dual forces of continuous breakthroughs in AI technology and commercialization, AI concept stocks have become a focal point of capital market attention. This article will delve into the current dynamics of the AI concept stocks market, exploring industry development trends and investment opportunities.

Overall Market Performance: Intensified Differentiation in AI Concept Stocks

As of the close on September 28, 2026, the AI concept stocks index showed significant differentiation. Among them, the computing power sector performed strongly, with AI computing power concept stocks represented by Gigalight triggering another round of limit-up surges. Gigalight advanced to a market cap of over 100 billion yuan in a limit-up, becoming a market focus. Meanwhile, the application sector presented structural opportunities, with large model concept stocks surging against the market. MiniMax soared over 20% in a single day, and the Hong Kong Stock Connect's inclusion of new listings ignited the "dual champions" rally of domestic AI.

In terms of capital flow, new trends in public fund adjustments show that the AI investment mainstay is shifting from computing power to the application end, with commercialization realization becoming the keyword for the second half. This change reflects the deepening of the investment logic for AI concept stocks, shifting from pure technology hype to rational investment focused on commercial value.

Computing Power Mainstay: Domestic Large Models and Computing Power Resonance Ignite Structural Opportunities

As the infrastructure for AI development, computing power has always been a key market focus. Since 2026, with continuous breakthroughs in domestic large model technology, computing power demand has shown explosive growth. The strong performance of computing power concept stocks like Gigalight is a reflection of this trend.

Data shows that global AI enterprise financing in Q2 2026 hit a historical high, with institutions optimistic about the trillion-yuan track. Against this backdrop, the prosperity of the computing power industry chain continues to rise. Domestic AI inference chips made new breakthroughs, with Suiyuan T20 released, and the landing cost of large models plummeted, providing strong growth momentum for the computing power sector.

From a technical perspective, the AI computing power industry chain is undergoing a comprehensive upgrade from hardware to software. Enterprises like Gigalight have achieved significant improvements in computing power efficiency through technological innovation, providing strong support for the commercialization of AI large models. This trend is expected to continue in the near future, bringing continuous investment opportunities to computing power concept stocks.

Application Mainstay: Commercialization Becomes the Keyword for the Second Half

Compared to the strong performance of the computing power sector, the application sector presented structural opportunities. Large model concept stocks surged against the market, with MiniMax soaring over 20% in a single day, becoming a market focus. This phenomenon reflects the high market expectations for AI application commercialization.

Zhipu AI's billion-dollar valuation sparked concept stocks, accelerating the commercialization of AI large models, with institutions optimistic about the long-term mainstay. This event marks the transition of AI large models from the R&D stage to the commercialization stage, bringing new investment opportunities to application-end concept stocks.

In terms of application scenarios, AI agent custom development has become a new trend. Individual developers can earn 100,000 yuan per month from orders, and enterprises are competing to purchase. This phenomenon reflects the wide application of AI technology in various industries, providing a broad market space for application-end concept stocks.

New Logic in Institutional Fund Allocation: Value Validation from Technological Breakthroughs to Commercialization

As AI technology continues to mature, the allocation logic of institutional funds for AI concept stocks is also changing. Shifting from pure focus on technological breakthroughs to emphasizing the value validation of commercialization, this change marks the entry of AI concept stock investment into a rational development stage.

Foreign institutions have voiced their views intensively: Is the inflection point of AI capital expenditure emerging? Why is AI still the most certain investment mainstay in the second half? This view reflects institutional confidence in the long-term development of the AI industry. Despite short-term market fluctuations, AI, as the core driver of future technological development, still has its investment value widely recognized.

New trends in public fund adjustments show that the AI investment mainstay is shifting from computing power to the application end, with commercialization realization becoming the keyword for the second half. This change reflects the deepening of the investment logic for AI concept stocks, shifting from pure technology hype to rational investment focused on commercial value.

Investment Opportunity Analysis: Changing Allocation Logic in the Second Half

In the second half of 2026, investment opportunities in AI concept stocks are mainly concentrated in the following aspects:

• Dual Mainstays of Computing Power and Application: Computing power, as the infrastructure for AI development, and application, as the carrier for AI commercialization, together form the mainstay of AI concept stock investment.
• Domestic Substitution Opportunities: With continuous breakthroughs in domestic large model technology, the domestic AI industry chain will迎来 development opportunities.
• Commercialization Landing: The acceleration of AI large model commercialization and the expansion of application scenarios bring investment opportunities to related concept stocks.
• Sub-sector Dividends: Sub-fields such as AI agent custom development and AI picture book creation tool upgrades provide new investment opportunities for individual investors.

Risk Warning and Investment Advice

Although the AI concept stock market has broad prospects, investors should still pay attention to the following risks:

• Technical Risk: AI technology develops rapidly, and technology routes may change, affecting the competitiveness of related enterprises.
• Policy Risk: AI industry policies may change, affecting the development direction of the industry.
• Market Risk: The AI concept stock market is volatile, and investors need to pay attention to risk control.

For investors, it is recommended to focus on AI concept stocks with core technological advantages, strong commercialization capabilities, and reasonable valuations. At the same time, closely follow industry dynamics, adjust investment strategies in a timely manner, and seize new opportunities in the AI era.

Conclusion

On September 28, 2026, the AI concept stocks market showed a clear differentiated pattern, with computing power and application as dual mainstays leading market trends, and institutional fund allocation presenting a new logic. Driven by the dual forces of continuous breakthroughs in AI technology and commercialization, AI concept stocks have become a focal point of capital market attention. Investors need to closely follow industry dynamics, seize new opportunities in the AI era, and achieve wealth growth.