The "Lobster" Three Brothers, All Declining! Is the AI Investment Landscape Changing? The Latest Analysis Is Here

“Lobster” is no longer “fragrant”?

On March 11, the previously rising Open Claw concept stocks collectively pulled back, not only with related popular stocks in the A-share market declining but also the “lobster” trio in Hong Kong stocks falling together. So far, these targets are not the main heavy holdings of current public funds, but the resulting changes in AI investment patterns still concern buying institutions.

According to analysis from public fund and other buy-side institutions to Securities Times reporters, the cooling of sector sentiment mainly stems from market concerns over new technology safety risks. Additionally, as of now, related investment targets have not yet formed a scaled product system, and the fundamental changes brought by technological innovation still require time for validation.

On the other hand, public fund analysts also told reporters that Open Claw technology is a branch of technological innovation in this AI wave, and the fluctuations and potential risks it brings are, like other new things, temporary phenomena. For investors, the lesson from Open Claw is to re-understand the AI investment framework and opportunities. AI industry opportunities are no longer limited to model companies. Applications, cloud, computing power, edge devices, security governance, and interface ecosystems could all benefit from this industry deepening.

Collective Decline

The use of Open Claw involves increased token consumption per user, covering sectors such as cloud computing, IDC, and domestic AI chips. On March 11, most related concept stocks declined amid fund selling.

In the A-share market, by the close, Bo Rui Data once fell over 12%, then slightly recovered to close down 8.75%. The stock had previously surged 20% and 16.40% in the past two days. Shares of Kunlun Wanfeng, Shunwang Technology, and Meige Intelligent also fell. In Hong Kong stocks, the so-called “lobster” trio—Xunce, Mini Max, and Zhipu—each dropped more than 6%.

It’s worth noting that these targets are not the main heavy holdings of current public funds. As of the end of Q4 last year, Bo Rui Data was only held by one active equity fund; Kunlun Wanfeng was held by 36 funds; Shunwang Technology by 7 funds.

A Beijing public fund research professional told Securities Times that the correction of Open Claw concept stocks is not directly related to fundamentals but mainly due to the retreat of speculative funds after related listed companies issued safety risk warnings. Currently, these companies have not yet formed scaled products.

Specifically, on the evening of March 10, Youke De stated that its lightweight cloud host products equipped with Open Claw imaging have not yet formed a scaled product system. The progress of technical iteration and commercialization may not meet expectations. Currently, the related business has not yet generated stable, sustainable revenue, with revenue share extremely low. The future revenue scale, profitability, and cash flow contribution of related products are highly uncertain, with limited short-term impact on performance.

Bo Rui Data said that Open Claw is an open-source AI agent execution framework. The company currently has no monitoring solutions or products for such technology, has not commercialized applications, and has no revenue, so it does not impact the company’s current business.

Additionally, a fund manager from a small-to-medium public fund in Shenzhen told Securities Times that, based on initiatives like major vendors opening cloud services, market confidence in AI technological innovation remains intact. However, given the current situation, individual use still has certain barriers, and investment should return to fundamentals, waiting for substantive technological innovation and product implementation. The fund manager said they will observe the fundamental changes of related concept stocks in the near future but are not in a hurry to adjust positions.

Safety Concerns and Industry Segmentation

From a technological innovation perspective, Guolian Fund recently released analysis stating that the new generation of intelligent agent systems represented by Open Claw is advancing large models from “answering questions” to “executing tasks.” It’s not just dialogue but begins to understand instructions, call tools, connect local systems and external applications, gradually gaining “ability to do things for you.” In other words, the industry logic of AI is quietly changing: market focus is shifting from “model parameters and test scores” to “whether it can truly enter workflows, create real demand, and generate continuous calls.”

However, it’s also important to see that moving from technological innovation to implementation requires a process. Equally important is the market’s prevention of technical safety risks. The aforementioned fund manager noted that recent risk warnings from relevant departments show that downloads and usage of Open Claw have surged, but default security configurations are extremely weak. Attackers, once they find a breach point, can gain complete control of the system. The warnings highlight four key risks: prompt injection, misoperation, plugin poisoning, and security vulnerabilities. It’s reported that cyber attackers could induce Open Claw to read web pages by constructing hidden malicious instructions, potentially leading to leakage of user system keys.

“The emergence of Open Claw is actually a branch of technological innovation in this round of AI investment. The fluctuations and potential security risks of this branch are stage phenomena common to any new development,” said Wei Fengchun, Chief Economist at Chuangjin Hexin Fund. He pointed out that the world has entered a long-term technological recovery phase, with AI, new energy, and high-end manufacturing leading the industry. Policy deployment follows cyclical laws, anchoring long-term goals on technological self-reliance and strength.

Wei Fengchun also noted that within the AI industry, there is clear segmentation: in hardware, companies in chips and computing power maintain high growth with high gross margins, becoming core beneficiaries of the mature technology cycle. Meanwhile, traditional software is being disrupted by AI tools, with subscription models under pressure, compounded by unfulfilled AI investment returns, leading to valuation dilemmas. The profit gap between hardware and software is clearly reflected in financial reports. This segmentation is part of the cycle’s process of selecting quality assets; only companies with core technological barriers and performance realization can continue to enjoy benefits during industry shifts. This is the core logic of cycle-driven differentiation.

Reinterpreting the AI Investment Framework

Guolian Fund states that, from an industry perspective, Open Claw has three connotations: first, AI applications are moving from “single-point functions” to “system-level collaboration.” second, user demand has shifted from “just trying” to “whether it can help me do work.” This means that the standard for evaluating AI product value is shifting from flashy features to efficiency and task delivery. third, once applications become “executable,” token consumption, inference demands, and cloud resource calls will significantly increase. This extends industry opportunities from simple software interfaces to broader chains including models, cloud, computing power, and edge hardware.

For investors, Guolian Fund believes that the biggest lesson from Open Claw is not to chase a software concept but to re-understand the AI investment framework. Currently, there are at least three key points: first, application deployment is becoming more perceptible. The debate over whether AI has real demand may gradually diminish as agents penetrate deeper. second, token and inference demands are expected to become more important mid-level indicators. Those who can capture more calls, more entry points, and more workflows will have a better chance to gain advantages in industry competition. third, AI industry opportunities are no longer limited to model companies. Applications, cloud, computing power, edge devices, security governance, and interface ecosystems could all benefit from this industry deepening.

Fuguo Fund suggests focusing on three subfields under the Open Claw phenomenon: first, cloud services and infrastructure. Major domestic cloud providers like Tencent Cloud, Alibaba Cloud, and Huoshan Engine have announced support for one-click deployment of Open Claw, offering pre-configured images and computing resources. Investment opportunities include cloud computing, data centers, and server infrastructure providers. second, computing chips and communications—AI computing power. As the number of large model calls surges exponentially, demand for chips, GPUs, and communication devices is skyrocketing, making them the “shrimp food” of this cycle. third, AI applications and software development. Open Claw is open-source, fostering opportunities in software applications, big data, and internet platforms.

Layout: Liu Junyu

Proofreading: Liao Shengchao