AI Concept Stocks Show Growing Divergence: Computing Power and Application Dual Themes Lead Structural Market Trends in Second Half of Year

On September 17, 2026, AI concept stocks in the A-share market showed a clear divergent trend, with market capital focusing on the two main themes of computing power and application, highlighting structural investment opportunities in the second half of the year. As AI technology accelerates commercialization, investor attention on AI concept stocks continues to rise, and the market presents new investment logic and hotspots.

Overall Market Performance: AI Concept Stock Index Outperforms Market, Capital Continues to Flow In

As of the close on September 17, the AI concept stock index outperformed the broader market, with the computing power sector leading gains, while individual stocks in the application segment showed structural opportunities. Market data shows that the total trading volume of AI concept stocks increased by 12.3% from the previous day, with net capital inflow exceeding 8.5 billion yuan, indicating institutional investors' continued optimism about the AI sector.

In the current economic environment, AI, as a representative of new quality productive forces, is becoming a focal point of capital market attention. As technological breakthroughs and commercialization advance in parallel, the investment value of AI concept stocks is being re-evaluated. Market analysts point out that the AI investment logic in the second half of the year has shifted from pure technology hype to value investment, with investors placing more emphasis on companies' actual profitability and technology conversion efficiency.

Computing Power Theme: Domestic Substitution and Technological Innovation Drive Valuation Increase

As the infrastructure of the AI industry chain, the computing power sector performed particularly well on September 17. Leading companies such as Accelink Technologies and Co-Optic Communications set recent new highs, driving the entire computing power industry chain to strengthen collectively. Behind this phenomenon is the continuous advancement of the national computing power self-reliance strategy and the explosive growth in demand for computing power from large models.

According to industry statistics, global AI computing power demand in the second quarter of 2026 increased by 68% year-on-year, with the growth rate in the Chinese market reaching 82%. This data reflects the urgent demand of the AI industry for computing power resources and brings performance growth expectations to related listed companies.

At the policy level, departments such as the National Development and Reform Commission and the Ministry of Industry and Information Technology have recently introduced a series of policy measures to support the development of the computing power industry, including computing power infrastructure construction and computing power network layout. These policies provide long-term benefits to the computing power sector, and investors can focus on leading companies with core technological advantages and capacity expansion capabilities.

From a technical perspective, breakthroughs in domestic AI chips have also injected new vitality into the computing power sector. The T20 inference chip newly released by Enflame Technology has performance close to international advanced levels while significantly reducing costs, which will effectively promote the landing and application of large models in more scenarios, thereby driving the continuous growth of computing power demand.

Application Theme: Commercialization Accelerates, B-end Software Services Become New Hotspot

Compared with the heat of the computing power sector, the performance of the AI application end shows a more obvious structural divergence. Against the backdrop of the overall strength of AI concept stocks, sub-sectors such as B-end software services and AI + vertical industries performed prominently, while some consumer-level AI applications face valuation adjustment pressure.

This divergence reflects the market's focus on the commercialization capability of AI. As large model technology matures, enterprise-level AI applications are transitioning from the pilot stage to the large-scale deployment stage. Especially in traditional industries such as finance, healthcare, and manufacturing, the penetration rate of AI technology is rapidly increasing, bringing tangible performance growth to related software service providers.

The latest portfolio adjustment data from public funds shows that the AI investment theme has shifted from pure computing power hardware to the application end, with commercialization realization becoming the keyword for the second half. This trend was confirmed in the market performance on September 17, as the stock prices of many AI application companies rose against the market, showing a shift in capital allocation direction.

In specific application scenarios, vertical fields such as AI digital humans, AI pharmaceuticals, and AI education have become market hotspots. For example, AI digital human technology shows great potential in live streaming e-commerce and customer service, with related companies' order volumes increasing significantly; AI pharmaceuticals, through cooperation with international tech giants like NVIDIA, accelerate the new drug R&D process and attract investor attention.

Capital Flow Analysis: New Logic of Institutional Capital Allocation Emerges

From the perspective of capital flows, the capital allocation of AI concept stocks on September 17 showed new characteristics. On one hand, foreign institutional investors continue to increase their holdings of domestic AI leading companies through channels like Hong Kong Stock Connect, showing recognition of long-term value; on the other hand, domestic public funds pay more attention to the profitability and cash flow status of AI companies, remaining cautious about pure concept hype.

This change in capital flows reflects the maturity of market investment concepts. As the AI industry enters deep waters, investors place more emphasis on companies' fundamentals and commercialization capabilities rather than pure technology concepts. This shift helps promote the AI concept stock market towards a healthier and more sustainable development direction.

Notably, individual investors' attention to AI concept stocks is also increasing. With the rise of AI side business projects, more and more ordinary investors are starting to participate in investment through AI tools, which injects new vitality into the AI concept stock market and also brings new investment demand.

Second Half Investment Strategy: Focus on Three Directions, Grasp Structural Opportunities

Based on the current market situation, investors should focus on the following three directions when allocating AI concept stocks:

• Computing Power Infrastructure: Including AI chips, servers, data centers, etc., benefiting from dual drivers of domestic substitution and demand growth
• AI Application Software: Especially B-end software services and vertical industry solutions, companies with strong commercialization capabilities have greater investment value
• AI Industry Chain Supporting Facilities: Such as data services, algorithm platforms, AI security, etc., as the AI industry matures, the importance of these supporting links is increasingly prominent

In specific operations, it is recommended that investors adopt a strategy of building positions in batches and buying on dips to avoid chasing highs. At the same time, close attention should be paid to policy trends and technological breakthroughs, as these factors may become key to market hotspot shifts.

Risk Warning: Be Cautious of Technological Iteration and Policy Changes

Although the AI concept stock market has broad prospects, investors still need to be alert to potential risks. First, AI technology iterates extremely fast, and today's hot technologies may soon be replaced by new ones, so investors need to closely follow technological development trends.

Second, changes in the policy environment may affect the development pace of the AI industry, so sensitivity to policy dynamics should be maintained. In addition, the valuation level of AI concept stocks is already at a historical high, and some individual stocks have bubble risks. Investors should rationally view market hype, focus on the actual value and long-term development potential of companies, and avoid blindly following the crowd.

Conclusion: AI Investment Enters the Value Verification Stage

In the second half of 2026, the AI concept stock market is transitioning from the technology hype stage to the value verification stage. As commercialization accelerates, investors place more emphasis on companies' actual profitability and technology conversion efficiency. In this process, the dual themes of computing power and application will lead structural market opportunities, providing investors with rich investment choices.

For long-term investors, as a representative of new quality productive forces, the investment value of AI is being gradually verified. While grasping market hotspots, investors should remain rational, focus on companies' fundamentals and long-term development potential, in order to achieve stable returns in the AI investment wave.