The Zhitong Finance App learned that AI hardware stocks had the highest decline. As of press release, Zhaoyi Innovation (03986) fell 4.07% to HK$424.8; Junzhi Group (01300) fell 4.01% to HK$3.35; Huahong Hongli (01347) fell 1.85% to HK$106.2; SMIC (00981) fell 1.30% to HK$60.75; Jiantao Laminated Board (01888) fell 1.18% to HK$54.45.

According to the news, the 2026 capital expenditure guidelines given by Microsoft, Google, Meta, and Amazon total about US$730 billion, which is about 77% higher than the US$410 billion in 2025. Barclays estimates that the capital expenses of the five major manufacturers have consumed about 90% of their operating cash flow, and they may need to borrow or sell assets in the future to maintain the pace of construction. Carlyle Group said that private equity institutions are competing to finance AI infrastructure construction, or will repeat the mistakes revealed by the concentration of credit in the software industry.

Fangzheng Securities pointed out that the continued expansion of cloud companies' capital investment is an important support for the current round of the AI hardware market, but the increase in investment scale is not always in sync with the rise in stock prices. Whether the market expectation that the cloud factory capital expenditure growth rate is peaking in this round is true may have great guiding significance for the sustainability of the AI hardware stock market in the future.

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