"Future Computing" Series Index Weekly Tracking: Semiconductor Equipment and Chip Sector Welcome Deployment Opportunities

Why hasn’t the high growth in AI computing power investments boosted related indices?

From March 30 to April 2, 2026, the A-share “Future Computing” industry chain indices collectively weakened, affected by market sentiment and sector rotation, with adjustments seen in cloud computing, semiconductors, and chip sectors. As of this week’s close, the CSI Cloud Computing and Big Data Theme Index fell by 2.5%, the CSI Semiconductor Materials and Equipment Theme Index declined by 3.3%, and the CSI Chip Industry Index dropped by 4.2%, with the AI computing hardware and materials equipment sector under overall pressure.

From the industry fundamentals, Morgan Stanley’s April 2026 global technology strategy report clearly states that the supply-demand gap for computing power continues to widen, with tech giants leading the construction of computing infrastructure. Data shows that global hyperscale cloud providers’ capital expenditure is expected to exceed $740 billion in 2026 and surpass $900 billion in 2027, with a compound annual growth rate of 29% from 2024 to 2027. Continuous high investment in computing power will directly support the competitive barriers of the AI era and strongly drive demand growth in upstream and downstream industries such as semiconductor materials, equipment, and data centers.

From the index characteristics and weekly performance (data source: Wind, as of April 2, 2026):

CSI Cloud Computing and Big Data Theme Index: down 2.5% this week, with a rolling P/S ratio of 4.6, and a valuation percentile of 93.8%. The index focuses on AI computing power services, composed of 50 stocks in cloud computing, big data services, and hardware equipment, covering the computer and communication industries.

CSI Chip Industry Index: down 4.2% this week, with a P/B ratio of 6.4, and a valuation percentile of 77.5%. The index covers the entire AI chip industry chain, selecting 50 leading stocks in chip design, manufacturing, packaging, testing, and equipment materials.

CSI Semiconductor Materials and Equipment Theme Index: down 3.3% this week, with a P/B ratio of 7.0, and a valuation percentile of 66.1%. The index focuses on AI chip equipment and materials, composed of 40 leading semiconductor materials and equipment companies, with high elastic growth attributes.

Semiconductor equipment ETF E Fund (159558) and chip ETF E Fund (516350) track the above core indices, as shown in the figure below:

Risk reminder: Funds are subject to risks; investments should be cautious.