Core Viewpoint - The A-share market is experiencing a significant rally, particularly in technology sectors such as chips, computing power, and liquid cooling servers, driven by optimism surrounding AI infrastructure demand following Oracle's impressive earnings guidance and a substantial increase in its remaining performance obligations [1][4][9]. Group 1: Market Performance - A-share indices are all rising, with the ChiNext Index surging over 4% and surpassing 3000 points, led by strong performances in the chip and computing power sectors [1][2]. - Notable stocks include Haiguang Information, which hit a 20% limit up, and Industrial Fulian, which also reached a limit up, both achieving historical highs [1][2]. Group 2: Oracle's Impact - Oracle's remaining performance obligations soared to $455 billion, a year-on-year increase of 359%, primarily due to large cloud contracts with AI giants like OpenAI and Meta [4][6]. - Following Oracle's earnings report, its stock price surged over 42% intraday, closing up 35.91%, marking the largest single-day gain since 1992 [5]. Group 3: AI Infrastructure Demand - Analysts predict a rapid acceleration in the global AI arms race, with sectors like computing power, chips, and liquid cooling servers poised to benefit from the surge in AI infrastructure demand [1][9]. - The demand for AI infrastructure is expected to continue growing due to the explosion of AI model requirements and the digital transformation across various industries [9][10]. Group 4: Future Projections - The domestic AI infrastructure is anticipated to see significant advancements, with breakthroughs in multiple core areas such as models, chips, and foundry services [10]. - Morgan Stanley forecasts a 23% annual growth in global data center capacity by 2030, with the U.S. contributing 60% of this growth, indicating a robust expansion in AI-related capital expenditures among major tech companies [10].

Core Viewpoint - The recent surge in technology stocks, particularly in the A-share market, is driven by optimism surrounding AI infrastructure demand, spurred by Oracle's impressive earnings guidance and significant remaining performance obligations [2][5]. Group 1: Market Performance - A-shares saw all major indices rise, with the ChiNext Index increasing over 4% and surpassing 3000 points, driven by sectors such as chips, computing power, and liquid cooling servers [2][3]. - Notable stocks included Haiguang Information, which hit a 20% limit up, and Industrial Fulian, which also reached a historical high with consecutive limit-up days [2][3]. Group 2: Oracle's Impact - Oracle's remaining performance obligations surged to $455 billion, a year-on-year increase of 359%, indicating strong demand for AI-related cloud contracts [5][6]. - Following Oracle's earnings report, its stock price experienced a significant increase, with a peak rise of over 42% during trading, ultimately closing up 35.91% [5]. Group 3: AI Infrastructure Demand - Analysts suggest that the global AI arms race is accelerating, with sectors like computing power, chips, and liquid cooling servers expected to benefit from the growing demand for AI infrastructure [7][8]. - The demand for AI infrastructure is driven by the explosion of AI model requirements and the digital transformation across various industries [7]. Group 4: Future Projections - The domestic AI infrastructure is expected to see rapid growth, with significant investments from internet giants, state-owned enterprises, and local governments, creating a vast market for domestic chips [8]. - Morgan Stanley projects that global data center capacity will grow by 23% annually by 2030, with the U.S. contributing 60% of this growth [8].