Since the second half of 2025, the structural increase brought about by AI computing power has become the core driving force for domestic and foreign industry chain leaders to raise capital expenditure. Overseas leaders such as Micron and Samsung have successively expanded production, and the number of refinancing plans and the scale of capital raised by relevant domestic listed companies have also increased dramatically over the same period last year. As can be seen from comprehensive information such as SEMI and brokerage research reports, this round of global semiconductor production expansion is not a market hype concept; it is a real industrial action driven by rising demand for global computing power. There are no signs of homogenized investment in the industry with crazy production expansion across the racetrack. However, there are signs of homogenized investment on some racetracks with relatively low technical thresholds. In the future, the industry will also face risks such as strong semiconductor cycle fluctuations caused by mismatches between supply and demand, and return pressure on valuation due to uncertainty about the commercialization of AI. Industry insiders said that the market's differences over the “semiconductor bubble” focus on three issues: whether demand is sustainable, whether capital is part of the long-term layout of the industry or short-term speculation, and whether supply will proliferate in the short term.

Since the second half of 2025, the structural increase brought about by AI computing power has become the core driving force for domestic and foreign industry chain leaders to raise capital expenditure. Overseas leaders such as Micron and Samsung have successively expanded production, and the number of refinancing plans and the scale of capital raised by relevant domestic listed companies have also increased dramatically over the same period last year. As can be seen from comprehensive information such as SEMI and brokerage research reports, this round of global semiconductor production expansion is not a market hype concept; it is a real industrial action driven by rising demand for global computing power. There are no signs of homogenized investment in the industry with crazy production expansion across the racetrack. However, there are signs of homogenized investment on some racetracks with relatively low technical thresholds. In the future, the industry will also face risks such as strong semiconductor cycle fluctuations caused by mismatches between supply and demand, and return pressure on valuation due to uncertainty about the commercialization of AI. Industry insiders said that the market's differences over the “semiconductor bubble” focus on three issues: whether demand is sustainable, whether capital is part of the long-term layout of the industry or short-term speculation, and whether supply will proliferate in the short term.