Fidelity International believes that as AI reshapes business operations and ushers in a new era, companies that can seize AI opportunities will benefit directly or indirectly. Artificial intelligence is a long-term structural growth theme that cannot be ignored, and one current strategy for capturing AI investment opportunities is through layered stacking. According to data from Fidelity International, AI has the potential for widespread use in various industries and processes. Research shows that 40% of existing jobs are at risk of being threatened by AI or being replaced by new AI-driven work models, affecting areas ranging from computer services, retail, finance, and various business operational models. Changes also bring investment opportunities, as AI reshapes business operations and ushers in a new era, allowing companies that can seize AI opportunities to benefit directly or indirectly. Fidelity International's multi-asset fund manager, Wang Taosha, pointed out that despite the concept of artificial intelligence existing in the market for decades, the latest development of generative AI possesses three major characteristics: easy-to-use, versatile, and unprecedented speed in application. Unlike many companies in the 1990s that developed the early internet, companies leading the development of generative AI today have ample funding and support from large tech companies with deep pockets. The rise of generative AI is seen as a milestone in driving internet development, potentially reshaping technology and innovation in business operational models for the next few decades. From an investment perspective, Fidelity International believes that AI is a long-term structural growth theme that cannot be ignored. One current strategy for capturing AI investment opportunities is through layered stacking, with investments in hardware and AI-related infrastructure at the lowest level, including semiconductors (such as GPUs and memory chips) and data centers and power equipment. As AI models continue to expand, computations will become more complex and energy-intensive, leading to increased demand for semiconductors, especially those designed specifically for AI. Meanwhile, in many developed countries with aging infrastructure, additional intelligent infrastructure is needed, such as smart grids and power equipment. Furthermore, investments at the bottom level are being driven by AI-related capital expenditures, with strong development trends currently, as many hardware and AI device manufacturers have become leaders in their respective AI fields, making it easier for investors to identify winners. The middle layer of the AI layered stacking investment strategy consists of cloud computing and basic models. The winners in these areas are mostly large tech companies, which will continue to benefit from the structural growth brought by AI and require significant capital investment to meet the growing demand for AI development. As for the top layer of the stacked strategy, it involves integrating various applications into various industries, where competition is intense and winners are yet to be determined. As AI continues to develop, this innovative and disruptive technology will change the operational models of various industries. Some old business operational models may become obsolete and be replaced by new business models that better meet customer needs. Ultimately, AI-related investments need to generate profits through the application of technology by companies to demonstrate their investment value, hence the need to closely monitor the development of top-tier companies.