US technology stocks continue to be sold off, revealing a new risk point in the Asian AI industry chain: rising financing costs may cut off capital expenses needed to maintain AI prosperity, threatening the profits of companies in the entire supply chain, and this supply chain is the core driving force behind the rise in the Asian stock market in this round. The Asian AI hardware stock basket compiled by Goldman Sachs plummeted 11% last week, the biggest weekly decline since mid-July. Despite TSMC's optimistic revenue outlook, the sell-off momentum has not slowed, reflecting market concerns about AI capital expenditure spreading across the hardware industry chain. Jane Shi Cortesi, fund manager of GAM Investment Management in Zurich, said: “The cost of financing is like gravity, suppressing the AI boom. Rising borrowing costs will make it more difficult to finance infrastructure projects and delay capital expenditure. Even a simple delay would lower profit expectations and valuations for Asian suppliers.” The focus of market concerns is no longer just whether demand for AI chips can be maintained, but whether hyperscale cloud vendors and new cloud service providers can continue to finance the deployment of computing power infrastructure, and whether expected returns can match the huge scale of investment. TSMC, SK Hynix, and Samsung Electronics supply the chips and memory required for AI computing, but their profits ultimately depend on continuous downstream investment in infrastructure procurement products. Component and equipment suppliers face the same underlying risks, and visibility into the implementation time of each project is even lower. Kevin Nate, fund manager at Financiere de l'Echiquier in Paris, said: “Compared to the core computing ecosystem, downstream beneficiaries are under greater pressure to finance AI. Simply put, the farther away you are from the main chip business, the higher the risk of project delays.” Gartner warns that by 2030, over $3.5 trillion in AI infrastructure investment may face the risk of depreciation, and the scale of investment may exceed the level of revenue that can support returns.

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