The Zhitong Finance App learned that AI hardware stocks such as PCB and optical communications declined collectively. As of press release, Jingwang Electronics (03228) fell 11.29% to HK$56.95; Changfei Optical Fiber Cable (06869) fell 9.45% to HK$101.6; GigaYi Innovation (03986) fell 6.50% to HK$325.2; and Zhongji Xuchuang (03308) fell 4.04% to HK$724.
According to the news, recent market concerns about AI companies' return on investment and financing sustainability have led to significant adjustments in AI hardware stocks. The current earnings season has entered a performance verification period, and the degree of matching between valuation and performance is facing reevaluation. It is worth noting that Musk's latest prediction is that in the past few weeks, the debt market has almost completely cut off funding channels, and any company with no independent large revenue outside of AI data centers will hardly be able to get financing. This means that more than 200 new cloud service providers will face the death and integration of “big fish eat small fish.”
According to Morgan Stanley data, in September, the average weekly CDS transaction volume linked to Oracle, SpaceX, Alphabet, Amazon, Meta, Broadcom and Nvidia bonds exceeded 9 billion US dollars, while in July this figure was less than 2 billion US dollars. Nomura believes that the AI investment narrative is facing inherent contradictions in its own logic. The market's judgment on the capital expenditure path of hyperscale cloud computing vendors has evolved from the previous “positive wins no matter what” situation to the current “two harms are equal” dilemma.