Invesco Fund Chen Junjie: The semiconductor industry is expected to usher in a "cycle + growth" moment.

On August 26, Chen Junjie, manager of the Jia Shi Global Industrial Upgrading Fund, stated that looking ahead to the future from the current point, the development of overseas artificial intelligence is forming a business closed loop along the path of "model, data, application". It has gradually expanded from effective breakthroughs in individual fields to comprehensive development in multiple fields. In the future, various industries will rely on AI to achieve significantly improved efficiency. Chen Junjie further pointed out that computing power is a growth area that he is particularly optimistic about at this stage. To accurately understand the demand for computing power, two core shifts must be grasped: one is the shift from model training to inference applications, and the other is the shift from capital expenditure to operational expenditure. These two shifts are the key logic behind the current stage of hardware stocks breaking through traditional valuation limits.