[Zheshang AI Team Feng Cuiting] Why Is Capital Shifting to the Mid-to-Downstream of AI? What Varieties to Buy in AI Mid-to-Downstream?

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### [Zheshang AI Team Feng Cuiting] Why Is Capital Shifting to the Mid-to-Downstream of AI? What Varieties to Buy in AI Mid-to-Downstream? Time: 2026-07-31 11:28:47 Content: ⭐Current four bearish logics for AI upstream: 1️⃣ The capex logic has reversed. The market no longer pays for giants' "long-term strategies" but instead focuses tightly on return on investment, demanding actual improvements in cloud revenue and orders; 2️⃣ Debt risks are prominent. Tech giants rely on debt issuance for expansion, but the credit market is cooling. Amazon's new bond subscription multiple halved, and long-term tech bonds are under pressure; 3️⃣ Token Budgeting: Cost reduction trends suppress high-end demand. Enterprises are shifting to low-priced models, and the premium on frontier high-priced models is shrinking; 4️⃣ The "shovel seller" logic is loosening. Infrastructure demand such as chips and optical modules is bound to the giants' capex cycles and cannot stand alone. ......... Related stocks: Kunlun Wanwei, Yidian Tianxia, BlueFocus. View original text