券商中国·2025-11-24 12:54Core Viewpoint - The article highlights the dominance of global tech giants, particularly in the AI sector, which is driving significant market performance and reshaping investment landscapes across various regions [2][4][9]. Group 1: Global Tech Market Performance - Nvidia reached a market capitalization of $5 trillion on October 29, while Microsoft briefly surpassed $4 trillion, showcasing the strength of U.S. tech giants [2]. - The AI industry is transitioning from concept to reality, with rapid monetization in areas like large model training, cloud services, and computing power [2][4]. - The S&P 500 index is experiencing unprecedented shifts in sector weightings, with technology and communication services reaching record highs [4][5]. Group 2: Asian Market Dynamics - The MSCI Asia-Pacific index has risen by 26% this year, indicating strong performance driven by regional economic recovery and tech stock momentum [5]. - In Hong Kong, southbound capital has shown strong buying interest, with nearly HKD 400 billion purchased in the last three months, and a net inflow of HKD 1.26 trillion for the year [2][9]. - The Hong Kong market is seen as a key observation window for China's tech industry, reflecting both the rise and challenges of the AI sector [9][11]. Group 3: AI Investment Trends - Bloomberg Economics predicts that by 2030, tech giants will invest up to $4 trillion in AI infrastructure, likening it to the 19th-century railway investment boom [5]. - The capital flow is being re-evaluated based on new metrics such as computing power scale and data barriers, as traditional valuation models struggle to quantify AI's disruptive potential [6][12]. - Major Chinese tech firms are increasingly investing in AI, with significant capital expenditures narrowing the gap with U.S. counterparts [9][10]. Group 4: Hong Kong Internet Sector - The Hong Kong internet sector is undergoing a transformation, with companies like Alibaba, Tencent, and Meituan actively investing in AI infrastructure and adjusting their business models [14][15]. - The performance of Hong Kong internet companies has led to a rapid reassessment of their valuations, transitioning from e-commerce to tech-centric narratives [14][15]. - The Hong Kong Stock Connect Internet ETF (159792) has seen significant growth, reaching a size of HKD 885.03 billion, reflecting strong investor interest in AI-related opportunities [15][16].