AI continues to "tighten the circle" and fund managers' investment strategies have changed.

Since May, the AI market has been experiencing a severe "shrinking circle" pain. The narrative of "all AI must rise" may have come to an end, and market funds are now looking with unprecedented scrutiny towards the "hardcore" sectors with real performance support and supply-demand gaps. When liquidity is no longer abundant, AI investments are entering a new stage dominated by the "barrel effect" - the imbalance of supply and demand in the industrial chain bottleneck is replacing simple technological imagination as the criterion that determines capital flow. In the eyes of many fund managers, the current strategy is no longer about casting a wide net, but about deep cultivation - focusing on the emerging demand brought by the iteration of the top industrial chain, and holding onto the bottleneck sectors of the domestication process where supply falls short. In the face of the performance verification period, only those leading companies that can truly fulfill orders and fill production gaps can stand out in the "shrinking circle" market.