AI Investment Narrative Shifts From Infrastructure to Intelligence Scale as Token Demand Rises

On November 10, the CSI Artificial Intelligence Industry Index jumped as much as 2.59% in early trading, with components such as New Easy Trend, Zhongji Innolight and Cootek Data rising, while the HuaFu AI ETF drew net inflows on seven of the past ten sessions, a sign of sustained capital interest. The same day Qwen Office 2.0 launched. Brokerages including China Securities and SWHY argued that AI investment is shifting from infrastructure construction to intelligent-scale expansion, with commercial closed loops forming fast; Token demand growth is expected to convert into tens of billions of dollars of ARR. The next measure of AI scale, they said, moves from "Infrastructure Scale" to "Intelligence Scale," as model competition shifts to combined pre-training, post-training and inference-time compute, and demand moves from "stacking compute for training" to "scaling inference."

Source: Tencent, Nov 10, 2026 | 2026-11-10