The launch of OpenAI's next-generation large language model, GPT-6 Astra, on September 7th has ignited a strong rebound in AI hardware and semiconductor shares. The STAR Chip Index, tracked by the low-fee STAR Chip ETF Huabao (589190), surged 3.29%, with notable gains from stocks like Yuanjie Technology and Juchen Shares posting double-digit increases, Shijia Photons up over 9%, and strong performances from Puya Shares, Huafeng Testing, SMEE, and Montage Technology.
Market analysts highlight that the core advancement of GPT-6 Astra is its ability to directly operate computers and software for users, handling complex tasks such as programming, scientific research, 3D modeling, and creating presentations and spreadsheets. This functionality is expected to significantly increase demand for storage and flash memory, further strengthening the narrative around computational power demand.
According to the latest memory industry research from TrendForce, contract prices for general-purpose DRAM saw a notable increase in Q2 2026, driving overall DRAM industry revenue up 59.5% quarter-on-quarter to approximately $154.73 billion. However, supply expansion continues to lag behind demand growth, as LLM model training and AI inference applications fuel demand for AI servers. With manufacturer inventories at cyclical lows and new supply prioritizing server applications, overall DRAM bit shipments only saw modest growth in the quarter.
Timothy Moe, Chief Asia Pacific Equity Strategist at Goldman Sachs, stated that the market is underestimating how long the global data center construction boom will sustain demand for memory chips, a trend that is expected to intensify further by 2027. Capital expenditure from major US tech companies is projected to exceed $1.2 trillion next year, a significant upward revision from the earlier estimate of $800 billion.
On the policy front, the Ministry of Industry and Information Technology has issued the 15th Five-Year Plan for the Information and Communication Industry, which emphasizes enhancing computing infrastructure development. The plan accelerates the construction of a nationwide integrated computing network, systematically deploying intelligent computing clusters with 10,000 or even 100,000+ GPUs, deploying inference computing facilities on-demand for specific scenarios, and increasing efforts to support domestic computing chips.
National Securities research indicates that OpenAI's release of GPT-6 Astra officially marks the beginning of the AGI era, sustaining the boom in the computing power supply chain. With the dual support of domestic computing infrastructure imperative and AI application policies, the short-term correction in hard tech is seen as temporary while the medium-term momentum building trend remains intact. The firm recommends positioning around the domestic memory supply chain and computing hardware chain themes.
The STAR Chip ETF Huabao (589190) passively tracks the STAR Market Chip Index, covering core segments of the chip industry chain with significant exposure to memory and semiconductor equipment/materials. This configuration effectively maps the industry development trends driven by continuous upgrades to AI computing infrastructure, offering high elasticity with 20% daily price fluctuation limits. Off-market investors can consider the linked fund 021225.
Data shows memory chip exposure within the STAR Chip ETF Huabao (589190) target index stands at 49.25% as of August 31st, calculated as the combined weight of constituent stocks that are also components of the memory chip index (CNI). Public information indicates the ETF charges a management fee of 0.3%, custody fee of 0.08%, and total fee rate of 0.38%, making it competitively priced among ETFs tracking the same index.
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