HSBC Qianhai Securities' Sun Yu: The long-term prosperity of AI computing power continues, while the semiconductor industry is now showing a short-term "warning signal".

On May 29th, at the scene of the 2026 Global Investors Conference held by the Shenzhen Stock Exchange, Sun Yu, a member of the Management Committee and Head of China Research at HSBC Qianhai Securities, was interviewed by multiple media outlets on topics such as current market investment opportunities. Sun Yu believes that the evolution of the AI wave can be divided into three stages: Conversational AI, Agentic AI, and Physical AI, with the current stage being in the early stage of the second phase. Sun Yu believes that as AI evolves to the next stage, the industry's requirements for computing power, semiconductor components, and other factors will further increase, indicating that the high prosperity of related industries will have longer sustainability. However, Sun Yu also warned of short-term risks. He pointed out that market hotspots are continuously changing, sector rotation is normal, and the AI field, especially the semiconductor sector, has seen high gains in the early stages, so caution should be exercised against profit-taking pressure in the short term.