Artificial intelligence enters the stage of performance realization, and funds still see potential for valuation improvement.

According to Wind data, as of September 14, the top 20 funds, including QDII, almost all focus on artificial intelligence in their core positions. The top performing fund this year, Yongyuan Technology Intelligent Selection, has a nearly 1.9 times return, mainly from its overweight allocation in the AI industry chain. Funds that do not have a significant position in the artificial intelligence sector have noticeably lagging performances. The trend of funds focusing on the AI sector is due to artificial intelligence moving beyond the conceptual stage, with commercial orders flowing in, marking the phase of realizing performance. In the background of booming production and sales in the AI field, fund managers believe that the companies' ability to monetize the technology could raise their valuations. Deng Xinyi, the general manager of the research department at Noah Fund, also pays close attention to orders of AI companies. She believes that whether grassroots research, domestic internet giants, or foreign giants, AI application demand is real and effective.