Reality and bubbles in the global AI investment wave

In a long-form analysis, Caixin argues that massive capital inflows have turned AI into the core of a new tech investment cycle, but warns that not all heavily hyped technologies will translate into sustainable productivity gains and profits. The piece highlights China’s aggressive ‘AI+’ industrial policies, the rapid spread of humanoid robots and AI agents, and booming valuations in AI chips and data centers, while cautioning that investors must distinguish between genuine innovation and speculative excess if they want to avoid an AI bubble.