The Zhitong Finance App learned that AI hardware stocks fell again this morning. As of press release, Changfei Optical Fiber (06869) fell 4.25% to HK$106; Huahong Semiconductor (01347) fell 3.61% to HK$64.15; Zhongji Innox (03308) fell 3.25% to HK$700.5; and Lenovo Group (00992) fell 3.37% to HK$22.38.

According to the news, the US stock AI industry chain completely collapsed overnight, and the Philadelphia Semiconductor Index plummeted 6.72% in a single day. Storage and optical communication were the hardest hit areas. The trigger was that Meta's future spending promises soared to an astonishing 825 billion US dollars. Its five-year CDS price hit a record high, and the market re-examined the return prospects and financing pressure of huge AI investments.

It is worth noting that the current debt insurance prices of major technology companies such as Oracle, Microsoft, and Amazon are also under varying degrees of pressure. For new cloud vendors, in mid-October of this year, CoreWeave's 5-year CDS hit 1,194 basis points, with an implied default probability of over 60%. At the same time, the interest rate on their unsecured high-yield bonds rose to 16.2%, which has already fallen to the garbage level.

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