智通财经网·2025-11-14 07:22Group 1 - The core viewpoint of the article highlights a decline in technology stocks, which has negatively impacted the Hang Seng Tech Index, dropping nearly 3% [1] - Alibaba's stock fell by 4.44%, trading at 154.7 HKD, while Tencent's stock decreased by 1.75%, trading at 644.5 HKD [1] - Concerns over inflation uncertainty and cautious attitudes towards future interest rate cuts from several Federal Reserve officials have led to a decrease in the market's expectation of a rate cut in December to below 50% [1] Group 2 - According to a report from CMB International, the decline in expectations for a December rate cut has intensified investor concerns regarding the high valuations of technology stocks [1] - Guosen Securities noted that as major US companies release their Q3 earnings, the impact of AI on advertising, cloud computing, and corporate efficiency remains significant, with companies continuing to invest actively [1] - However, the market is increasingly focusing on the return on investment (ROI) behind substantial capital expenditures (CAPEX) [1] - Additionally, Ant Group's investment in Yao Cai has not met completion conditions, which may extend the final deadline [1]