Author: Jun, Special Invited Analyst of BIT U.S. Stock Business
Key Data: 2025 Scale $244 billion | Cloud vendor AI capital expenditure > $600 billion | Anthropic annualized revenue $30 billion (first time surpassing OpenAI) | NVIDIA 2026 fiscal year revenue guidance $215.9 billion
1. Investment Core: Four Major High Grounds of AI Industry Chain
Understanding AI investment cannot only focus on models; the key is to identify the value chain capturers:
Computing Power Infrastructure - "Digital Oilfield"
Logic: Whoever wins will have to use chips. NVIDIA (NVDA) still maintains its monopoly position, but self-developed chips (TPU/LPU) are diverting traffic.
Representative: NVIDIA
Underlying Large Models - "Intelligent Power"
Logic: Intense competition at the top, evolving towards specialization.
Representative: OpenAI (Traffic King), Anthropic (Enterprise-level Dominator), Meta (Open-source Disruptor).
AI Agents & Platforms - "Automated Brain"
Logic: The key to victory in 2026. AI is no longer just answering questions, but autonomously completing multi-step tasks.
Representative: Salesforce (Agentforce), Microsoft (Copilot Studio).
Vertical Applications & Decision Layer - "Hardcore Cost Reduction"
Logic: Integrating AI into industry data generates quantifiable ROI (Return on Investment).
Representative: Palantir (PLTR) - the preferred choice for military and government AI.
2. Why is 2026 a "Different" Turning Point?
2026 is a watershed year for AI development, with three fundamental shifts in core logic:
Leap in Utility: In 2022, ChatGPT addressed “usability”; in 2026, AI Agent addresses “utility,” transforming it from a trial item into a production tool for enterprise competition.
Evidence of Jevons Paradox: The impact of DeepSeek proves that the decline in AI costs has not reduced expenditures; rather, it has spurred a larger scale of “violent deployment” of AI by global enterprises due to lowered thresholds.
Scale of Capital Mobilization: This is the largest capital mobilization for a single technology in modern economic history. Not only tech giants but sovereign nations are also getting involved, viewing “sovereign AI” as a core component of national security and economic competitiveness.
3. Competition Among Giants: OpenAI vs Anthropic
Anthropic: The "Cash King" of Enterprise Market
Miracle Data: Achieved an increase in revenue from $1 billion to $30 billion in just 15 months, setting a record in B2B software history.
Secret Weapon: Adheres to an enterprise-prioritized strategy; Claude Code (AI Agent programming tool) has achieved $2.5 billion in annualized revenue.
OpenAI: Pressure of Transformation for the Pioneer
Current Situation: Although it has 900 million weekly active users, it faces staggering losses of about $14 billion per year. The $852 billion valuation financing completed in April 2026 is its "lifeline" to turn cash flow positive.
4. AI Agent Revolution: The True Turning Point of Productivity
2026 is the year of AI Agent, marking the penetration of AI into enterprise operation to a substantial phase.
Essential Difference: Chatbot relies on human guidance (reactive questioning);
AI Agent plans paths autonomously (goal-oriented, automatically calls tools, sends emails, runs code, and delivers results).Implementation Effect: The AI Agent market scale will surpass $9 billion in 2026.
Early adopter enterprises can accelerate workflows by 20%-30%, and back-end operating costs can decrease by about 25%.Leaders: Agentforce (Salesforce) ARR reaches $540 million;
Copilot Studio (Microsoft) achieves seamless coverage of AI Agents in the workplace due to its ecological depth.
5. Key Public Companies to Watch
1. NVIDIA (NVDA) - "Master Valve"
Core Logic: The main beneficiary of cloud vendors' $600 billion capital expenditure.
Moat: Not the chips, but the CUDA ecosystem. The recently released Vera Rubin platform will reduce reasoning costs by another 10 times, aiming to make the operation of AI Agents as cheap as turning on a light.
2. Palantir (PLTR) - "Cockpit"
Status: It is an application platform built on infrastructure, helping governments and militaries truly use AI Agents for decision-making.
Highlight: 2026 fiscal year revenue guidance exceeds $7.1 billion. Its AIP platform is irreplaceable in handling high-risk (such as military, medical) scenarios that require auditing.
3. Alphabet/Google (GOOGL) - Integration King
Advantage: Has everything from TPU chips to Gemini models, to the distribution channels of billions of users worldwide.
Scale: Google Cloud's operating scale exceeds $70 billion in 2025, successfully hedging the impact of AI on traditional search advertising models through enterprise-level AI Agent services.
6. Key Catalysts for the Second Half of 2026
In the second half of the year, the market needs to price newly listed giants and also “score” the returns of AI.
Anthropic IPO: Expected to be listed in October 2026. Its prospectus revealed that the AI Agent business gross margin will directly define the valuation center of the entire SaaS industry.
Major Test of AI Agent's ROI: By the end of 2026, if enterprises are still unable to significantly enhance profit margins through AI Agents, capital expenditure may face cyclical adjustments.
7. Investment Risk Warning
Current AI investments face three core challenges: first is the “monetization gap,” with a gulf between over $600 billion of super-scale cloud vendors' capital expenditure and the current approximately $25 billion of direct AI revenue; if the ROI (Return on Investment) falls short of expectations, sector valuations will face severe corrections; second is regulatory and compliance pressure, as the EU's AI Act will gradually begin enforcement from August 2026, leading to steep increases in compliance costs for enterprises; finally, there are technological implementation bottlenecks, with about 62% of enterprises still holding a wait-and-see attitude towards deep deployment due to “model hallucination,” and Gartner predicts that around 40% of early AI Agent projects may fail due to governance failures. Investors need to be wary of the risk of over-leveraging expectations in valuations.
Conclusion:
Conservatives focus on NVIDIA or QQQ for certainty; aggressives research Anthropic or Palantir for capturing high growth. AI in 2026 is no longer about storytelling, but about whose agent makes more money.
BIT's U.S. stock business is directly connected with licensed brokers, covering all core stocks and ETFs in the U.S. stock market. Supports stablecoin deposit and withdrawal, helping crypto users capture the technology dividend of 2026 with one click. Services may vary due to jurisdictional restrictions, and may not be available in some regions (including but not limited to Hong Kong).
Data as of April 2026. Sources include: Statista, Cargoson, McKinsey & Company, OpenAI (April 2026 financing announcement and CFO Sarah Friar's disclosed data), Anthropic (February 2026 Series G financing and April revenue disclosure), Sacra, SaaStr, Remio AI, Alphabet Inc. (2025 Q4 financial report/Form 8-K), NVIDIA (2026 fiscal year financial report/Form 8-K), Palantir Technologies (2025 Q4 financial report), PIIE (Peterson Institute for International Economics), CNBC, The Next Web, VentureBeat, The National Interest, Gartner, IDC, Joget, Tech-Insider, European Commission, official documents of the AI Act, Crowell and Moring, AI Daily News.
Disclaimer: This report is for reference only and does not constitute investment advice. Past performance does not represent future returns. Investment carries risks, including the possibility of loss to principal. Clients should consult a qualified financial advisor before making any investment decisions.
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