[Private Equity Performance Divergence: Those Betting on AI and Tech Stocks Reap Big Gains, While Yunzhou Capital and Banxia Investment Face Shrinking Scale] According to Caixin, amid the "tech bull" market in the A-share sector, capital is rapidly concentrating on the AI industry chain, leading to a noticeable divergence in the private equity industry. Institutions heavily invested in AI and computing power sectors are seeing leading returns, while subjective private equity firms that failed to keep up with the trend are facing net value pullbacks and shrinking scales. Data shows that Yunzhou Capital, once a subjective private equity firm managing over 10 billion yuan, has seen its scale drop below 5 billion yuan. Similarly, established private equity firms like Banxia Investment and Tongben Investment have also experienced scale declines. Banxia Investment founder Li Bei responded to the fund's pullback, stating that they are unwilling to follow the trend and embrace AI, believing that the conditions triggering the AI bubble's burst have already emerged. Industry insiders believe that whether one can align with the rhythm of the AI industry chain has become the dividing line for subjective private equity performance.