Blackwell Ultra Ignites AI Rally: Concept Stocks Surge, Institutional Capital Floods In
On July 29, 2026, AI concept stocks experienced a long-awaited collective breakout. By close, the Wind AI Concept Index rose 4.32%, with over 40 stocks in the sector gaining more than 5% and trading volume expanding nearly 60% from the previous session. Market consensus points to the direct catalyst being NVIDIA's official release of its next-generation AI accelerator chip, Blackwell Ultra, in the early hours of Beijing time.
Event Recap: Blackwell Ultra Debuts, Computing Revolution Upgraded
NVIDIA CEO Jensen Huang unveiled the Blackwell Ultra GPU based on a brand-new architecture at the 2026 Global AI Summit. The chip uses TSMC's 3nm process, with over 250 billion transistors, delivering roughly 4x AI computing power over the previous Hopper generation, single-card FP8 computing reaching 10 PetaFLOPS, and integrating HBM4e high-bandwidth memory for the first time with memory bandwidth exceeding 8 TB/s. Huang stated that Blackwell Ultra is designed for trillion-parameter large model training and real-time inference, with mass production and shipment expected in Q4 2026.
Bolstered by this news, NVIDIA's pre-market shares surged 7.8%, driving A-share and Hong Kong-listed AI industry chain stocks to open sharply higher. On the A-share side, AI computing leaders Sugon and Inspur hit the daily limit early; GPU design firms Jingjia Micro and Cambricon closed up 12.3% and 9.6% respectively; optical module makers Zhongji Innolight and Eoptolink both gained over 8%; server cooling solution providers Envicool and Gaolan Shares also recorded gains above 6%. In Hong Kong, internet giants Tencent and Baidu rose 3.2% and 4.5% respectively due to rising expectations for in-house AI chip demand.
Sector Highlights: Full Resonance across Computing Chain, Unprecedented Capital Inflow
In terms of capital flows, net main capital inflow into the AI concept sector reached 28.7 billion yuan today, a one-year high. Among sub-sectors, chip design, servers, and optical modules led net inflows at 8.9 billion, 7.3 billion, and 5.2 billion yuan respectively. Dragon and Tiger Board data show institutional presence among buyers for multiple limit-up stocks, e.g., three of Sugon's top five buy seats were institutional accounts.
Veteran market analyst Li Ming (alias) told Crypto AI Loan: "The launch of Blackwell Ultra is not just a product iteration; it means large model training costs will drop significantly again, likely accelerating the transition of AI applications from 'usable' to 'good'. Computing power remains the bottleneck for AI development, and NVIDIA's leadership is further consolidated, with high certainty of benefits for related A-share supply chain companies."
Notably, the style of today's AI concept stock speculation differs from before. Besides traditional computing hardware stocks, some AI application-side companies also attracted capital, such as AI office software Kingsoft Office and AI video generation company Wondershare, both up over 4%. Analysts believe lower computing costs will directly boost AI application penetration, setting the stage for subsequent AI+ sector rotation.
Institutional Interpretation: Earnings Realization Period Approaches, Focus on Valuation-Growth Balance
Several brokerages recently released mid-term strategies for the AI sector, generally viewing H2 2026 as a key window for earnings delivery. TF Securities' chief computer analyst commented: "With the mass production of Blackwell Ultra and domestic high-end chips like Huawei's Ascend 910C, the computing supply bottleneck may ease within the year. We suggest investors position along two dimensions: first, chips, servers, and optical modules directly benefiting from computing infrastructure; second, AI application leaders with core technology and scenario advantages."
However, some institutions caution against short-term overheating. Everbright Securities' strategy team noted that the overall median PE ratio of AI concept stocks has exceeded 60x, with some individual stocks' dynamic PE above 100x. The positive impact of Blackwell Ultra has already been partially priced in; future attention should focus on actual shipment volumes and sustained downstream demand exceeding expectations. Investors are advised to accumulate on dips and avoid chasing highs.
Investment Opportunities: From Hardware to Applications, Structural Rally Expected
Synthesizing multiple viewpoints, Crypto AI Loan believes the Blackwell Ultra launch will catalyze a new round of structural rally in AI concept stocks. Short-term focus remains on computing hardware, especially A-share companies deeply tied to NVIDIA's supply chain, such as PCB suppliers WUS Printed Circuit and Shengyi Technology, and power management chip maker Joulwatt. Medium-term, AI application opportunities deserve attention, particularly in office, education, healthcare, and finance empowered by large models, where earnings elasticity may exceed expectations.
Furthermore, while verticals like crypto AI lending are not today's focus, lower computing costs also benefit on-chain AI risk control and smart contract optimization; DeFAI concept stocks may attract capital in subsequent rotations. Investors can closely track volume-price relationships and main capital flows to seize swing trading opportunities.
This article is based on public data and market interpretation and does not constitute investment advice. AI concept stocks are highly volatile; please be aware of risks.
