China’s Cheap AI Is Shifting Investors’ Focus to Internet Stocks

China’s Cheap AI Is Shifting Investors’ Focus to Internet Stocks China’s rapid progress in low-cost artificial intelligence is strengthening the investment case for the country’s internet giants after years in the shadow of chipmakers, market participants say. Investors are increasingly betting that falling AI costs will shift more of the industry’s value toward companies that own the applications and services people use every day, from search and e-commerce to advertising and enterprise software.