Seeing Boss Sh discussing the issue of valuation, institutions are certainly concerned about the 'new energy' transformation of AI. I would like to mention two points:

1. New energy faces the issue of single product penetration rate, while for AI, it is difficult to measure penetration rate. Computational power is more like electricity, which is a fundamental facility. You can at most measure the penetration rate of 'light bulbs', but electricity demand has been continuously growing for a century. Today, we are still investing in electricity (Yarlung Tsangpo River), so we cannot apply the new energy paradigm here.

2. Computational power will not always grow exponentially; if the growth rate declines, will it also experience internal competition and losses like new energy? The answer is no, because the price of new energy is truly determined by the upstream, whether it is photovoltaic or lithium battery, the upstream is bulk commodities, which are particularly sensitive to marginal changes. However, there is no such upstream in the computational power chain, and the competitive landscape is stable. Note that not every industry experiencing a slowdown in growth will necessarily lead to a price war; only those that are particularly sensitive to upstream changes will (otherwise, why hasn't Apple lowered its prices?).

In summary, I firmly believe that the computational power chain has room for valuation improvement. As for how large domestic funds with pricing power think, that is their issue. $Zhongji Xuchuang (SZ300308)$ $Shenghong Technology (SZ300476)$ $Xinyi Sheng (SZ300502)$