Can it halve again after falling 50%? AI infrastructure is staging a scam of 'the more it falls, the more expensive it gets'

English summary

### Can it halve again after falling 50%? AI infrastructure is staging a scam of 'the more it falls, the more expensive it gets' Time: 2026-07-29 18:22:37 Content: Since early July, A-share AI infrastructure sector has experienced a massive correction. If you only look at the K-line chart, it resembles ordinary profit-taking. But if you listen closely, you can hear two voices: one is the reshaping of industry logic, the other is the brittle sound of capital chain breaks. The former tells us that AI is moving from 'noble technology' to 'inclusive application'; the latter warns us that when 'deleveraging' meets 'valuation killing', the more it falls, the greater the risk. This is not just a fundamental adjustment, but a brutal 'passive clearing'. 1. Industry truth: Chinese-style 'involution' is killing excess profits. First, we must clearly see that the backdrop of this decline is a qualitative change in industry logic. Over the past two years, the global AI logic has been 'big effort creates miracles' - frantically stacking GPUs and building computer rooms. But in the past month, three landmark events have completely rewritten the script of AI infrastructure: first, algorithm cost reduction. ...