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2026-09-18 11:59:05 In September 2026, Anthropic and OpenAI successively called for a "slowdown in the pace of frontier models", with Elon Musk also echoing the view, BOCI said in a research report. On the surface, this appeared to be a safety consensus, but in reality frontier laboratories were attempting to transform "safety" into rights over market access, evaluation and standards-setting. However, former White House AI czar David Sacks pointed out that this move constituted regulatory capture, while the Trump administration views AI as a strategic tool against China as well as a driver for manufacturing and USD inflows, meaning the US will not accept an "AI shutdown". Even if frontier models face "speed limits", this will not end the AI hardware cycle, the broker said. Instead, capex will be reallocated from the "training arms race" toward "inference scaling and system interconnection". NVIDIA Corporation (NVDA.US) remains strong, but the relative importance of optical communications, power supply, liquid cooling, security and scheduling layers is increasing, with the pure GPU narrative giving way to AI systems engineering. The market focus may broaden from concentrated speculation on "hundreds of 10x stocks" to a wider range of "thousands of doubling stocks". While the training arms race may smooth out, inference scaling, system interconnection, agent security and application competition with China remain the clearest long-term themes. The broker categorized the outlook into four groups. US frontier giants are shifting from competing on "parameters and benchmark scores" to competing on "security systems, government trust and ecosystem anchoring", potentially increasing industry concentration. Second-tier laboratories in Europe and the US are expected to face the greatest pressure. Chinese large-model companies such as DeepSeek and BABA-W (09988.HK)'s Qwen may see relative short-term benefits, with the gap versus leading competitors potentially narrowing. Application-layer startups are expected to benefit the most in the medium to long term, with value shifting from model pursuit toward workflows, data and user retention. ~ AASTOCKS Financial News Website: www.aastocks.com | |