Artificial intelligence has become one of the most important investment themes globally.
In the US, investors have focused heavily on companies such as Nvidia, Microsoft, Alphabet, Amazon and Meta, which sit across the AI semiconductor, cloud and application layers. In China, a similar AI ecosystem is taking shape, but with its own characteristics.
Source: Beansprout ResearchWe have previously highlighted AI as a major structural theme reshaping global markets, and discussed whether the AI rally has gone too far. We have also looked at the stocks powering the AI value chain beyond Nvidia.In this article, I look at what is driving investor interest in China's AI stack, and how Singapore investors can gain exposure to the theme through four SDRs listed on SGX. What is driving investor interest in China’s AI stack?
Investor interest has grown as Chinese AI models gain real usage traction, with OpenRouter data showing Chinese-developed models surpassing US models in global token
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