Investment Research Circle: How to View the Rebound in AI Applications?

English summary

### Investment Research Circle: How to View the Rebound in AI Applications? Time: 2026-07-31 16:53:25 Content: This morning we reported that the short-term negative factors in the AI industry chain have been exhausted, hardware volatility has declined, and we see a rebound. In the morning, the rebound in AI applications was stronger than that of hardware. What are the reasons and sustainability? Reasons for the rise in AI applications: First, capital rebalancing. The core reason is that there are flaws in the short-term logic of computing power, and it is difficult to directly reverse upward into a main upward wave in the short term (the essence traces to unclear short-term demand: apart from coding scenarios, what is the next explosive scenario?). Second, the narrative of AI applications has changed: ① Companies are shifting from token maximization to token optimization, starting to move toward cheaper, more cost-effective models; …