AI Concept Stocks Capital Flow Monitoring in Late September: Main Capital Continuously Exiting Computing Power Chain, DeFAI Application Layer Receiving Institutional Counter-Cyclical Buying

AI Concept Stock Capital Flow Monitoring in Late September: Mainstream Capital Continues to Withdraw from Computing Power Chain, DeFAI Application Layer Receives Institutional Counter-trend Position Building As late September 2026 approaches, the AI concept stock market shows a clear differentiation in capital flow. According to the latest market monitoring data, mainstream capital is continuously withdrawing from the computing power chain sector and flowing toward the DeFAI application layer, with AI intelligent risk control and AI lending tracks particularly receiving counter-trend position building from institutional funds. This phenomenon not only reflects the market's reassessment of the investment logic in the AI industry but also indicates that AI investment is transitioning from the "computing power arms race" stage to the "application implementation value capture" stage. Market Logic Behind Capital Withdrawal from Computing Power Chain Since entering September, the computing power chain sector has continuously faced capital pressure. Data shows that the stock prices of traditional computing power giants like NVIDIA and AMD have fallen by more than 8% cumulatively in the second week of September, while the decline in domestic AI chip-related concept stocks is even more significant. This phenomenon is driven by multiple factors: Overvaluation: After the rapid increase in the previous period, the overall valuation of the computing power chain sector has reached historical highs, with some stocks' P/E ratios exceeding the industry average by 2-3 times Rapid capacity expansion: The global AI chip capacity expansion speed far exceeds actual demand, leading to decreased capacity utilization and pressured profitability Technology iteration risk: The next-generation AI chip technology roadmap is not yet clear, and investors are concerned that currently invested chips may face the risk of rapid obsolescence Stricter policy regulation: The strengthening of AI chip export restrictions by multiple governments has increased the operational uncertainty for computing power chain enterprises Notably, the capital withdrawal from the computing power chain is not a short-term behavior but reflects a deep-seated shift in market thinking about AI investment logic. An investment director at a large quantitative fund stated: "We are reassessing the investment logic of the AI industry. Over the past year, the market has over-focused on the construction of computing infrastructure while neglecting the actual commercial value of AI applications. As AI application scenarios become more abundant and business models mature, we believe capital will gradually shift toward the application layer." Driving Factors Behind Institutional Position Building in DeFAI Application Layer In stark contrast to the weakness of the computing power chain, the DeFAI application layer received continuous inflow of institutional funds in September. Data shows that DeFAI-related concept stocks such as AI intelligent risk control, AI lending, and RWA (Real World Assets) on-chain tokenization rose by an average of over 12% in the third week of September, far outperforming the overall performance of AI concept stocks. The DeFAI application