Shares of printed circuit board (PCB) concept stocks in Hong Kong experienced a significant sell-off. At the time of writing, Kingboard Holdings Ltd (00148.HK) was down 15.85% at HK$61.85, Kingboard Laminates Holdings Ltd (01888.HK) fell 14.65% to HK$53.60, Han's Laser Technology Industry Group Co., Ltd. (03200.HK) dropped 12.34% to HK$120.10, and Guanghe Technology Group Co., Ltd. (01989.HK) declined 4.78% to HK$129.50.
The decline follows recent market speculation that the shipment of the Rubin Ultra platform might be delayed until 2028. On July 11 local time, Morgan Stanley released notes from a non-deal roadshow with NVIDIA management. NVIDIA CEO Jensen Huang, accompanied by CFO Colette Kress and other executives, engaged with institutional investors. During the meeting, Huang stated that the company's quarterly revenue is approaching $100 billion with accelerating growth. He denied the rumors of a Rubin Ultra delay, confirming it will ship as scheduled next year.
Guolian An Fund commented that the recent sell-off in overseas markets stems from a loosening in trading crowdedness within the AI hardware sector. The market is concerned that previous AI hype may have been excessively bullish, prompting collective risk-averse position trimming. In the first half of the year, core sectors such as semiconductors, AI computing power, and optical modules experienced strong performance, with most popular stocks posting significant year-to-date gains. This led to a substantial accumulation of unrealized profits across the board, steadily increasing the risk of a short-term correction. The adjustment began with the year's top performers, displaying clear characteristics of profit-taking.
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