Source: Market Cap

Bean buns bring fire to artificial intelligence.

On December 19th, the concept stocks of the computing power sector broke out, and many shares such as Runze Technology and Yakang Shares rose to the limit, and ZTE, which adhered to the concept of byte computing power, continued to strengthen for 3 days and achieved tens of billions of transactions!

(Source: Choice data, tabulated by Market Cap APP).

The explosion of the computing power sector is closely related to ByteDance's overall strategic planning.

According to public data from the network, ByteDance's capital expenditure in 2025 will reach an astonishing 160 billion yuan, of which about 90 billion will be used for the procurement of AI computing power, and the remaining 70 billion will be allocated to IDC infrastructure and network equipment, such as optical modules and switches, aiming to build an independent and controllable large-scale data center cluster.

Previously, ByteDance mainly relied on purchasing computing resources from third parties. Now, the company has decided to fully deploy its own AI data center, from infrastructure to hardware procurement, all under its own control.

At present, the company's AI model "Doubao" has become the world's second largest AI product and China's first largest. The popularity of bean bag applications has brought infinite imagination to the byte AI computing power industry chain.

(Source: Internet open data).

Bean Bag Related Concept Theme ETF

At the Volcano Engine Force Engine Conference on December 18, Doubao released a visual understanding model, which has stronger capabilities for content recognition, understanding and reasoning, and visual description. In addition, the new generation of video generation model of Byte Doubao will be officially released in January next year.

From text models, to visual understanding models to video generation models, the development path of AI means that the main battlefield of AI is turning since ChatGPT was launched more than two years ago.

However, whether it is AI text or AI video, there is no escape from "computing power".

With computing power as the background, Fengyunjun has derived three major aspects of upstream, midstream and downstream infrastructure, integration, and application to sort out relevant AI industry theme ETFs for readers' reference.

These ETFs directly or indirectly hold a package of entertainment IP, computing power services, and domestic chip leading companies, and the industrial chain will continue to enjoy the dividends of the AI era.

(Source: Choice data, tabulated by Market Cap APP).

There are a number of AI ETFs to be listed, but don't rush to invest in them yet

In addition to the ETFs that have already been listed, the first batch of SSE STAR Market AI ETFs collectively reported by four fund managers, including E Fund, Bosera Fund, GF Fund and Yinhua Fund, were also officially approved on December 16, once again igniting the market's AI sentiment.

The above artificial intelligence ETFs to be issued all track the Science and Technology Innovation AI Index (950180.SH), and the largest constituent stock of the index is Cambrian (688256. SH）。

(Source: Choice data).

Founded in 2016, Cambrian focuses on the R&D and technological innovation of artificial intelligence chip products, and in July 2020, Cambrian was listed on the Science and Technology Edition with a stock issue price of 64.3 yuan per share.

On December 18 this year, Cambrian's share price broke through the 600 yuan mark for the first time. In just two years, Cambrian's share price has risen from the lowest point of only 54.14 yuan per share at the beginning of 2023 to more than 600 yuan per share today, with an astonishing increase of 1040.44%, becoming the only 10 times chip stock in A-shares in the same period.

(Source: Market Cap APP).

However, the continued rise in Cambrian's share price cannot hide its actual problems.

From 2021 to 2023, Cambrian's operating income will be 721 million yuan, 729 million yuan, and 709 million yuan respectively. The operating income in the first three quarters of 2024 is only 185 million yuan.

If you look at the financial data objectively, it is difficult for Fengyunjun to believe that a company with a market value of nearly 260 billion has an annual revenue of less than 1 billion, and the price-earnings ratio is still a loss.

In addition, Choice data shows that in the second half of 2023, as the stock price recovers, many Cambrian venture capital shareholders will liquidate their holdings.

On September 22, 2023, Cambrian announced that the shareholder SDIC Venture Fund has completed the implementation of the reduction, and this time the cumulative reduction of 7.3987 million shares and cashing out 1.481 billion yuan has been completed.

Ningbo Hangao also completed the clearance of Cambrian in March last year, cashing out 225 million yuan.

(Source: Choice data).

The Cambrian component of the Science and Technology Innovation AI Index exceeds 10%, and in case of poor performance of Cambrian's subsequent stock price, the index will also be affected more than other AI indexes.

Therefore, for a number of artificial intelligence ETFs that are about to land, Fengyunjun believes that they should be viewed rationally.