ETF Update: Southern US Mega-Caps ETF (03454) Extends Gains, Up Nearly 9% Over Six Sessions as Funds Shift from Chips to Hyperscale Cloud

Stock News07-07

The Southern US Mega-Caps ETF (03454) continues its upward trajectory, having gained close to 9% over the past six trading sessions. As of the latest update, the fund is up 1.1%, trading at HK$10.99 with a turnover of HK$1.2199 million.

Catalyst for the Move

The rally follows an announcement from Meta that it will begin selling its excess computing capacity to external clients. This has led market participants to anticipate an inflection point in the capital expenditure growth cycle for hyperscale cloud providers.

Analyst Perspective

Morgan Stanley strategist Michael Wilson noted that the significant performance divergence between hyperscale cloud stocks and semiconductor stocks is fundamentally unsustainable. He argues that chipmakers' demand is ultimately dependent on the willingness of cloud companies to increase their capital expenditures. Wilson's strategy team pointed out that momentum in the semiconductor sector is waning, with investors reallocating capital from this area to lagging sectors such as AI hyperscale cloud service providers. These cloud service providers are seen as having robust core businesses that provide a solid foundation, making them highly attractive investment opportunities within the AI supply chain.

About the Fund

The Southern US Mega-Caps ETF (03454) employs a full replication strategy to track the performance of the Solactive US Mega-Caps Index, which includes Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla.

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