According to the Galaxy Securities Research Report, the Federal Reserve raised interest rates by 25 basis points to 3.75% — 4.00% on September 16, the first rate hike since July 2023. On the denominator side, risk-free interest rates have been systematically moving upward, and the rise is not just policy interest rates. For equity assets, rising discount rates first reduce price-earnings ratios, especially high-valued growth stocks that rely on forward cash flow. On the molecular side, the AI narrative has not cooled down, and the industry is still booming; it's just that the pricing logic has switched from a “long-term vision” to “current implementation.” On the first trading day after the interest rate hike was implemented, the computing power industry chain links such as storage, CPU, foundry, and optical interconnection generally had an advantage: strong current profits and a short return on investment cycle, making them clearly insensitive to rising interest rates on the denominator side. The differentiation is not over, and the pricing framework is changing. Computing power hardware with current cash flow and performance verification benefits from running out of profit; targets that rely on long-term narratives and lack profit support continue to be squeezed out, and the AI industry has entered the rational verification stage.

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