PANews, June 27 – According to Caixin, amid the A-share "tech bull" market, capital is accelerating its concentration toward the AI industry chain, leading to a clear divergence in the private equity sector. Some institutions with heavy positions in AI and computing power are posting leading returns, while subjective private equity firms that failed to catch the market trend face net-value drawdowns and shrinking assets under management. Data shows that Yunzhou Capital, once a subjective private equity firm managing over 10 billion yuan, has seen its AUM fall below 5 billion yuan. Earlier, established 10-billion-level firms such as Banxia Investment and Tongben Investment also experienced AUM declines. Banxia Investment founder Li Bei responded to her fund's drawdown by stating she is unwilling to follow the crowd into AI, arguing that the conditions that would trigger an AI bubble burst have already appeared. Industry insiders believe that whether a firm has caught the rhythm of the AI industry chain has become the watershed for subjective private equity performance.