Markets have corrected since July but institutions remain broadly optimistic.
Wang Zijian, fund manager in Penghua Fund’s Equity Investment Division 3, said
AI has faced recurring doubts since early 2023 — technology immaturity and
pulse-like capex — and since early 2026 additional challenges including
technical-route shifts, Fed rate hikes, cash‑flow stress, signs of
commercialization peaking, excess compute supply and crowded sector positioning.
Yet over the past three years leading optical‑module names have rallied roughly
100x, evidence he says that the market has underestimated AI’s transformative
potential and growth runway. He added that investment depends on cycle stage: AI
remains in an early development phase, market conditions do not show bubble
characteristics, and therefore each deep correction could present a high‑quality
accumulation opportunity.
