Sou Hu Cai Jing·2025-12-09 06:02Group 1 - The core reason for the decline of the Nasdaq by 34% from January 4, 2022, to January 5, 2023, was high inflation and the Federal Reserve's interest rate hikes [1] - The recovery of the U.S. stock market in early 2023 was driven by a reduction in the Federal Reserve's interest rate hikes and a significant breakthrough in artificial intelligence technology, particularly with the launch of ChatGPT [1][3] - The rapid acceleration of computing power, with a growth rate of 4.3 times per year, has created urgency for tech giants to invest heavily in AI to avoid falling behind competitors [2] Group 2 - The emergence of Deepseek has shifted the focus of the domestic capital market towards the development of local computing power, benefiting the chip industry and the Science and Technology Innovation Board [4] - Major Chinese tech companies listed in Hong Kong, such as Tencent and Alibaba, have experienced a revaluation due to the advancements brought by Deepseek, with Alibaba's stock rising by 92% after years of decline [4] - The overall theme in the global market remains centered on artificial intelligence, with the best Chinese internet companies listed in Hong Kong being key to the revaluation of tech stocks [4][5]