As China develops an increasingly independent AI ecosystem, new investment opportunities are emerging across software, semiconductors, and digital infrastructure.
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Vivian Lin Thurston
CFA, Partner, Portfolio Manager
Global Equity Team
For the global investors, AI in China is not only a disruptive, high-growth investment theme, but also a country's strategic pursuit for technological advancement and leadership globally. And this view was reinforced by my recent trip to China. China is fast developing an independent and complete AI ecosystem, ranging from hyperscalers to large language models to GPU designs, and to the entire hardware system. This was driven both by the relatively closed digital system of China and also the structural competitive relationship between the U.S. and China. I therefore believe China AI development is likely to decouple from the U.S. and the rest of the world in the medium to long term. The China AI investment opportunity set is large, vast, and fast evolving. We continue to adopt a bottom-up approach and to invest into companies with accelerated earnings growth due to AI demand or those with very strong and differentiated technological advantages.
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