Public AI investment map: computing power side is "satisfied", application layer is "waiting for the wind"

In the first half of 2026, public funds reached a high consensus in the AI investment race. According to the latest disclosed fund quarterly reports, public institutions are focusing more than ever on the electronic industry, with AI computing hardware stocks dominating the actively managed equity fund's top holdings list. On the other hand, while hardware investments are booming, the investment structure in the application end is facing a cooling trend. The hardware end of the AI industry chain has already reaped the benefits, while the application layer is still waiting for commercialization to take off. This structural differentiation has been the main driver of the technology market in the first half of 2026, and is also testing the sustainability of the current AI investment logic.