After the spring market, where is AI investment headed?

Standing at the moment, how to interpret the future trend of technology market? The following text will further analyze this with the help of seasonal industry trend investment. There is a seasonal pattern in industry trend investment driven by economic prosperity. "No industry, no bull market." In reviewing past bull markets, the core driving factor lies in the investment opportunities of industry trends driven by economic prosperity. For this round of bull market, which started in September 2024, the core driving force is the investment stage of industry trends driven by economic prosperity in the upstream infrastructure of AI represented by computing power. In reviewing industry trend investments driven by economic prosperity, analyzing cases such as computers from 2013 to 2015, semiconductors from 2019 to 2021, and new energy from 2020 to 2021, significant seasonal patterns can be found. Using this pattern as a clue, the rhythm of operation in the bull market cycle can be analyzed and predicted. Specifically, industry trend investments driven by economic prosperity usually start the first round of trends around mid-year, the second round around the end of the year, and experience a phase of high volatility around March to April of the following year. After the high volatility, whether the industry still has opportunities depends on whether the high economic prosperity of the second year can continue. Combining the rhythm and main theme of AI investment in the future with seasonal patterns. The main theme of this bull market cycle, represented by AI upstream computing power in communication and electronics, fits the seasonal pattern of industry trend investments driven by economic prosperity. Specifically, around the end of May 2025, with the clarification of the economic prosperity of computing power as the first-quarter report lands, the first wave of trends was launched; around November 2025, driven by valuation switching logic, the second wave of trends was launched, lasting until February 2026. Looking ahead to March to April, we predict that due to valuation and crowding constraints, the AI upstream computing power represented by communication and electronics may experience a phase of high volatility. However, after the volatility, the trend of computing power in 2026 depends on whether the economic prosperity can continue. Combining the capital expenditure plans of the leading technology companies in the US that have been disclosed recently, it is expected that the global computing power high economic prosperity in 2026 may continue. However, the investment opportunities in AI upstream computing power in 2026 may be somewhat different from those in 2025, meaning that there may be a switch in leading sub-fields within the AI upstream. Specifically, in 2025, sub-fields such as CPO and PCB led the way, while in 2026, other leading sub-fields may emerge, which will need to be confirmed by the financial reports around May this year to assess the economic situation. Risk Warning The economic prosperity of the computing power industry may not meet expectations. The effectiveness of historical statistical patterns may decrease. This article is sourced from a research report published by Zheshang, authored by the Zheshang Technology and Overseas Strategy Wang Yang team; GMTEight edit: Wenwen.