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,

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 prioritise compute efficiency, model capability, data closed loops, AI monetization and CAPEX returns.