AI hardware stocks suffered broad and heavy losses, with YOFC (06869) falling 10.69% to HK$126.1, Montage Tech (06809) dropping 8.89% to HK$207, KB Laminates (01888) declining 8.07% to HK$38.94, CIG (06166) sliding 8% to HK$81.6, and ZJ Innolight (03308) losing 5.78% to HK$798.5.
On the news front, stronger-than-expected U.S. inflation data combined with concerns over an AI valuation bubble have triggered a fresh wave of selling pressure across global technology stocks. U.S. September CPI rose 3.7% year-on-year, while core CPI climbed to 2.6%, both exceeding expectations. Following the data release, market bets on a Federal Reserve rate hike in October briefly rose to 50%.
In addition, CoreWeave bond yields broke above 15%, with prices falling below 80% of face value, sparking market worries about financing costs for AI infrastructure. Goldman Sachs forecasts that hyperscaler capital expenditure growth will peak at 116% year-on-year in the third quarter of 2026, before slowing to just over 20% by the end of 2027.
It is worth noting that rumors of overseas restrictions have continued to emerge recently across the AI hardware supply chain, including optical modules and PCBs. Reports indicate that the FCC's rumored restrictions on 3.2T optical modules have no formal policy text yet, existing U.S. PCB procurement restrictions mainly target specific defense procurement activities, and the Section 337 investigation remains at the filing stage, with no substantive determination yet made on related patent infringement claims.
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