In a mid-2026 investor letter, Gao Yuncheng, managing partner and CEO of Jinglin
Asset Management, said the firm’s core holdings are concentrated in
semiconductors and AI infrastructure as it repositions for AI-driven industry
change and global supply-chain realignment. Gao wrote that the deepest market
shift over the past six months is not index moves but “intelligence being
mass-produced by machines.” He described AI as a new industrial revolution in
which energy, broad semiconductor systems, large AI models, data centers and the
application layer form a new “intelligent production system.” Gao said valuation
frameworks for platform companies based on users, traffic, ad revenue and
margins need reassessment; investors should instead prioritize compute
efficiency, model capability, data closed loops, AI monetization and CAPEX
returns.
