AI Digital Humans and Spatial Computing: New Investment Frontiers in the Digital Economy Era

AI Digital Humans and Spatial Computing: New Investment Frontiers in the Digital Economy Era

Recently, Liu Qiangdong made his livestream debut in the form of an AI digital human, setting a record of 20 million viewers, and the spatial computing sector subsequently surged strongly. At the same time, national policies supporting the digital economy have been introduced frequently, with nine departments jointly issuing the "Action Plan for Accelerating Digital Talent Cultivation to Support Digital Economy Development (2024-2026)." This article synthesizes the views of multiple public fund managers to analyze the investment logic and long-term trends in AI digital humans, spatial computing, and the digital economy.

Market Background

The digital economy has become a strategic development direction for China, with policy support continuously intensifying. Recently, nine departments jointly issued the "Action Plan for Accelerating Digital Talent Cultivation to Support Digital Economy Development (2024-2026)," highlighting the importance of talent as the core driving force of the digital economy. Liu Jiang, fund manager of Great Wall Jiuxiang Fund, believes that talent is the core driver of the digital economy, and this initiative precisely grasps the key elements of industrial development.

Meanwhile, AI technology is accelerating in evolution, and the capabilities of large models are continuously improving, providing a solid foundation for applications such as digital humans and spatial computing. Wang Bo, fund manager of Southern Science and Technology Innovation Fund, pointed out that there are two main highlights of AI digital humans: first, the e-commerce industry is expanding from AI digital human customer service to more complex applications such as AI livestream hosts; second, downstream growth is driving improved prospects for upstream AI technology suppliers and computing power demand.

Spatial computing is an emerging computing model that leverages spatial attributes to process data efficiently, upgrading productivity from two-dimensional to three-dimensional. With the maturation of AR/VR technology, the launch of high-performance computing chips, and the release of terminal products such as Apple Vision Pro, the spatial computing industry is entering a phase of accelerated development.

Current Capital Flows

From the perspective of capital flows, AI digital humans have first been implemented in the e-commerce sector. According to research by iiMedia Consulting, 95.6% of AI digital human clients in China are small and medium-sized enterprises, concentrated mainly in the e-commerce industry. Liu Qiangdong's AI digital human livestream debut demonstrated the application prospects of AI in retail scenarios through cost reduction and efficiency improvement, driving increased attention across the industry chain. Lin Xinlong of Tianhong Fund stated that this livestream has two major investment highlights: first, exploring the commercial potential of digital humans; second, showcasing the application prospects of AI in modern retail. The benefiting areas cover large model technology, computing power, and AI applications.

Regarding spatial computing, capital is focusing on foundational software and hardware ecosystems, including 3D rendering and animation software, high-performance AI chips, and AR/VR terminals. Wang Bo believes that the rally in the spatial computing sector is mainly driven by the improvement of foundational software and hardware ecosystems, such as the maturation of 3D content software and high-computing-power AI chips supporting the operation of complex neural networks. Liu Qiangdong's AI digital human, as an important catalyst for the application ecosystem, is driving demand across the industry chain.

In addition, segmented areas of the digital economy, such as the IT application innovation industry (databases, operating systems, chips), IT infrastructure, AI computing power, and data elements, have all attracted institutional attention. Huang Jichen of Bosera Fund pointed out that three major sub-sectors are expected to become key focuses: AI computing power, AI applications, and AI data.## Investment Logic Analysis

Why is the market so interested in AI digital humans and spatial computing? The fundamental reason lies in the leap in production efficiency brought about by technological progress. Huang Jichen believes that AI digital humans break through the constraints of time and space, improve content production efficiency, and reduce dependence on a single IP; spatial computing technology promotes step-change development of productivity. Xie Yi of Nord Fund emphasized that digital humans and spatial computing are both processes in which computers gradually replace humans in completing tasks, improving efficiency and the level of intelligence.

From the perspective of industry laws, platform-based new technologies often follow the path of "hardware and infrastructure first, followed by application and business model innovation." Currently, AI computing power and hardware terminals are in the investment period, and the prosperity of computing power infrastructure continues to rise. Lei Zhiyong of Morgan Stanley Fund stated that global AI giants are in the early stage of large-scale investment, and the prosperity of computing power infrastructure continues to rise. In terms of performance, computing power companies have the ability to implement applications and high certainty of profitable growth.

Fund managers emphasized that investment should focus on the pace of implementation and commercialization, grasp directions with higher certainty, and prudently assess fluctuations during the diffusion of new technologies. Liu Jiang believes that digital economy investment is characterized by high elasticity and high volatility, requiring respect for the laws of rapid industrial change and innovation advancement, and exploring major industrial transformations from a medium- and long-term perspective.

Risk Factors

Despite the broad prospects, risks cannot be ignored. First, the technology itself is not yet mature. For example, spatial computing requires higher-performance computing power support, and the technical reserves for 3D spatial construction are still incomplete. Huang Jichen reminded that in the short term, one must recognize that current technical reserves still need further improvement. Second, the explosive growth of application scenarios takes time, and point-like applications are difficult to drive a comprehensive explosion of the industrial chain. Xie Yi pointed out that technological development takes time and covers a wide range, and will not be achieved overnight. Investment needs to focus on the ability of targets to deliver earnings.

Third, the valuations of some targets already include relatively high expectations. If earnings delivery falls short of expectations, they will face adjustment pressure. In addition, the effects of policy implementation and geopolitical changes may also bring uncertainty. Wang Bo suggested that for areas where certainty has emerged but large-scale adoption remains to be verified, such as AI large models and spatial computing, one should time positions and lay out in advance, but needs to track closely.

Long-Term Outlook

Looking ahead 3-10 years, the digital economy and AI technology will continue to reshape the global investment landscape. The spatial computing market is expected to grow from $142.6 billion in 2023 to approximately $620.2 billion in 2032, with a compound annual growth rate of 18.3%; the global spatial computing market reached $23.26 billion in 2023, with a projected compound annual growth rate of 41% from 2024 to 2032. The Chinese market is growing strongly with huge potential.

The popularization of AI applications will comprehensively penetrate from e-commerce and media into fields such as healthcare, education, and manufacturing. Digital talent policies will provide support for technological innovation and industrial upgrading, contributing to high-quality economic development. Institutional investors need to grasp structural trends, follow the laws of industrial development, dynamically allocate between hardware infrastructure and software applications, while maintaining sensitivity to risk factors.In the long term, areas such as artificial intelligence, data elements, the low-altitude economy, and the Huawei industrial chain are expected to become important investment directions for the digital economy. Generative AI technology will drive the transformation of the digital economy into an intelligent economy, deeply integrating the digital economy with the real economy and greatly enhancing productivity. Investors should focus on niche segments with core technologies and implementation capabilities, and seize the long-term opportunities in the digital economy era.

This article is compiled based on public information and institutional viewpoints and does not constitute investment advice.

Information source: https://www.stcn.com/article/detail/1183097.html