On the morning of May 20, the AI sector experienced fluctuations and consolidation. As of 10:20 AM, the China Merchants SZSE ChiNext Artificial Intelligence ETF (159243) fell by 0.43%, closing at 1.458 yuan. Among the constituent stocks, Zhongji Xuchuang and Xinyi Sheng showed gains against the trend. In terms of capital flow, the ETF saw a net inflow of approximately 15 million yuan during the session, with FOMO funds increasing their positions for the fourth consecutive day, and the share size has been continuously expanding this year.

The news front is experiencing a series of catalysts. In terms of talent dynamics, Andrej Karpathy (co-founder of OpenAI and former AI director at Tesla) has officially joined Anthropic, with top AI talents continuing to gather at leading firms. Regarding models, Gemini 3.5 Pro is set to launch next month, reportedly priced 30 times higher than the previous generation, indicating a clear upward trend in model value. On the hardware bottleneck front, Lumentum emphasized that indium phosphide is a core bottleneck, with an EML supply-demand imbalance exceeding 30%; the 3.2T may need to revert to the EML solution due to noise characteristics issues. AMD's Lisa Su pointed out that the development of AI is giving rise to a new positioning for CPUs, with the ratio of CPUs to GPUs expected to become 1:1.

It is understood that the China Merchants SZSE ChiNext Artificial Intelligence ETF (159243) covers the entire industry chain of AI hardware, AI applications, and AI software, with nearly half of its holdings in leading optical module companies, and a management fee rate of only 0.15% per year, making it a low-cost core tool for positioning in the AI industry wave