A-Share Divergence & Domestic Tech Catalysts 

The mainland Chinese market split sharply as heavyweights dragged down main indices while capital crowded into "hard tech" (e.g., memory chips, advanced packaging, and MLCCs). Growth was fueled by domestic AI policy support, domestic substitution milestones, and new export control rules on AI large models. 

Hong Kong Equities Under Pressure Amid Localized AI Concentration  

Driven down by the Federal Reserve's hawkish dot plot and prolonged high USD interest rates, Hong Kong equities trended downward with sharp corrections in property and major financials. AI applications and domestic computing power stood out as the sole areas maintaining upward momentum. 

U.S. Markets' Volatile "N-Shaped" Trajectory and AI Focus 

Wall Street markets experienced a volatile weekly ride—surging on Monday, pulling back due to a hawkish Wednesday FOMC meeting, and staging a strong recovery on Thursday. Institutional inflows remained heavily concentrated around AI compute, storage, and semiconductor infrastructure. 

Hawkish Shift by Fed Chair Warsh Balanced by Geopolitical Easing 

Under new Fed Chair Kevin Warsh, the median dot plot shifted upward to 3.8% (hinting at a potential rate hike) while shifting to a more ambiguous "Greenspan-esque" communication style. However, this hawkishness was successfully offset by geopolitical de-escalation, specifically the imminent reopening of the Strait of Hormuz, which boosted broader risk appetite and depressed oil and defense stocks. 

Record-Breaking Global Capital Influx into AI Infrastructure 

Despite macro uncertainties, global capital markets poured massive liquidity into AI-related companies, with over $100 billion flowing into AI financing within days. Large-scale transactions underscored this immense concentration, highlighted by SpaceX eyeing a $75 billion listing valuation and Anthropic securing $35 billion in debt financing.