Private equity firms heavily invested in AI and tech stocks are reaping significant profits as the A-share market experiences a "tech bull" phase. This trend has led to a stark divergence in the sector, with firms like Yunzhou Capital and Banxia Investment witnessing asset shrinkage due to their failure to capitalize on the AI boom. Yunzhou Capital's assets under management have plummeted from over 10 billion yuan to below 5 billion yuan. Similarly, Banxia Investment and Tongben Investment have also reported declines in their AUM. Banxia Investment's founder, Li Bei, has expressed reluctance to join the AI investment trend, citing concerns over a potential bubble. Industry experts suggest that the ability to align with the AI industry chain is now a critical factor in determining the success of subjective private equity firms.