AI hardware stocks experienced a broad sell-off in Hong Kong trading, with shares of several major players dropping sharply. As of the latest update, CIG (06166) fell 9.9% to HK$91, GIGADEVICE (03986) declined 8.21% to HK$475, YOFC (06869) dropped 8.48% to HK$133.8, and ZJ INNOLIGHT (03308) slid 7.85% to HK$1,127.

According to recent reports, OpenAI disclosed to investors that its second-quarter revenue reached $6.7 billion, representing an 18% increase from the first quarter's $5.7 billion. However, the company also reported a further expansion in operating losses during the same period. Additionally, OpenAI announced a temporary halt to its frontier model training initiatives while upgrading its internal security monitoring framework. Based on the company's current estimates, the additional computational overhead from these monitoring systems amounts to roughly 20% of the total inference computing power being supervised.

Notably, as investments in AI computing infrastructure continue to expand, major US technology companies are undergoing a significant shift from a "light-asset, high-cash-flow" business model toward a "heavy-asset, high-capital-expenditure" approach. This transition has led to a rapid increase in debt financing volumes, raising concerns among market participants about the sustainability of AI-related debt. Analysts suggest that if downstream large model revenue growth decelerates and losses continue to widen, clients may reduce their procurement expectations for servers, optical communications equipment, and memory chips.