According to a disclosure document from August 15, Claude chatbot developer Anthropic reported preliminary second-quarter 2026 revenue exceeding $11.5 billion, a roughly 14-fold surge compared to the same period last year. The filing also revealed that Anthropic achieved positive adjusted operating profit in the second quarter of 2026, marking a critical transition from loss-making expansion to profitable self-sufficiency. Reports indicate that Anthropic has initiated IPO preparations, with market expectations suggesting its valuation could surpass SpaceX, potentially targeting the largest IPO in global history. This data not only represents a milestone for Anthropic's commercialization but also serves as a landmark case for the AI industry evolving from "burning cash for scale" to "converting scale into profit," injecting new valuation narratives into the entire AI sector. With a significant release of enterprise willingness to pay, large language model companies are increasingly demonstrating impressive cash flow generation capabilities, potentially opening room for valuation re-rating in the global AI sector. Meanwhile, China's domestic AI large model industry has also been undergoing rapid iterative changes recently, with the pace of commercialization steadily accelerating. On August 13, DeepSeek confirmed that DeepSeek-V4-Flash and DeepSeek-V4-Pro will raise prices on August 17, implementing peak-valley pricing, while also releasing the Harness (tool framework) developer preview. A day later, GLM-5.3 was released, which, based on the same foundation model as GLM-5.2, improved programming capabilities by 50% solely through post-training. On the same day, Alibaba's Qwen officially open-sourced the Qwen3.8 series models, including the newly open-sourced 27-billion-parameter model, Qwen3.8-27B, which can run on consumer-grade graphics cards. Driven by the resonance between global and domestic large model industries, the value of the entire AI supply chain is poised for a comprehensive re-evaluation. On one hand, the maturation of large model technology and performance improvements directly benefit leading model development companies, continuously repairing profit expectations. On the other hand, model iterations and upgrades drive sustained expansion of computing power demand, boosting the prosperity of the AI hardware supply chain. Core sectors such as storage chips, PCBs, and semiconductor equipment are expected to benefit continuously from AI industry capital expenditure expansion, ushering in opportunities for earnings growth. Against this backdrop, Hong Kong tech-focused products like the Huatai-PineBridge Hang Seng Tech ETF (513130), which invests across multiple segments of the AI supply chain, have garnered significant market attention. Its underlying index, the Hang Seng Tech Index, covers core components of the AI value chain, including computing infrastructure construction, large model development, and AI applications, gathering leading tech companies with technological and scale advantages in the AI field, positioning them to capture the key dividend window as AI transitions from imagination to commercial realization. Exchange data shows that there are currently 13 ETFs tracking the Hang Seng Tech Index in the A-share market, with a combined scale of 157.73 billion yuan. Among them, the popular Huatai-PineBridge Hang Seng Tech ETF (513130) has a latest scale of 33.032 billion yuan, boasting a prominent scale advantage with a market share exceeding 20%. Since the beginning of the year, its average daily trading volume has reached 4.583 billion yuan, making it the only product tracking the same underlying index with an average daily turnover exceeding 4.3 billion yuan during the period, offering significant liquidity advantages. Additionally, the product's management fee is only 0.2% per annum, providing a clear cost advantage that helps reduce investment costs for investors. Regarding holder structure, according to the 2025 annual report, the Huatai-PineBridge Hang Seng Tech ETF (513130) had 420,000 holder accounts by the end of 2025, with a net increase of 259,700 accounts throughout the year, demonstrating high market popularity and a broad investor base. Drilling down, the Hong Kong AI supply chain is entering a period of layered earnings realization, with growth momentum being released across various tracks. The upstream hardware segment is the first to enter its earnings realization phase, with a leading storage chip company expected to benefit continuously from AI computing power expansion. As of the fourth quarter of fiscal year 2026, the core enterprise's order backlog reached $21 billion, accelerating its transformation from a traditional PC hardware manufacturer to a full-stack AI hardware service provider. The midstream computing and cloud services segment shows increasing incremental contributions, with Hong Kong's leading internet giant experiencing steady growth in its fintech and enterprise services business, related revenue increasing by 9% year-on-year to 60.29 billion yuan, with cloud services becoming the core contributor to revenue growth. In the downstream, large model and application segments continue to achieve breakthroughs, with market sentiment steadily warming. The Huatai-PineBridge Hang Seng Tech ETF (513130) and its linked funds (Class A 015310 / Class C 015311) are managed by Huatai-PineBridge Fund, one of the first ETF managers in China with over 19 years of experience in index investing. It offers investors transparent, convenient, and low-cost index tools such as the Huatai-PineBridge CSI 300 ETF (510300) and the A500 ETF Huatai-PineBridge (563360). As of June 30, 2026, the company's ETFs have generated over 180.6 billion yuan in cumulative profits for holders over the past two years, making it one of only three public fund companies in the entire A-share market with cumulative profits exceeding 160 billion yuan during the same period. A MACD golden cross signal has formed, indicating strong upward momentum for these stocks!