AI concept stocks fell in Hong Kong trading. As of press time, BABA-W (09988) dropped 3.58% to HKD 159.1, SY HOLDINGS (06069) declined 3.51% to HKD 10.71, KINGSOFT (03888) slid 2.57% to HKD 31.84, and Tencent (00700) dipped 2.33% to HKD 629.

Market concerns over inflated valuations of AI-related companies have intensified recently. OpenAI CFO Sarah Friar mentioned during an event that the company is building an ecosystem involving banks, private funds, and potential federal government "backstops" or guarantees to finance its massive chip investments. This statement quickly shifted market focus to the "AI bubble" debate, with some interpreting it as a sign that the U.S. government might need to intervene to support AI giants, raising doubts about the sector's valuation rationality.

Huatai Securities noted that while the AI revolution will undoubtedly boost productivity and reshape production relations—remaining a core market theme over the past three years—recent discussions about an AI bubble, combined with high valuations of overseas tech stocks and potential U.S. government shutdown risks, could increase short-term volatility.

Guosen Securities pointed out that as U.S. tech giants release Q3 earnings, AI continues to significantly enhance advertising, cloud computing, and operational efficiency for internet behemoths, with companies maintaining aggressive investment levels. However, market attention is gradually shifting toward assessing the return on investment (ROI) behind massive capital expenditures (CAPEX). Domestic tech giants face lower CAPEX pressure compared to their overseas peers, while AI-driven business growth remains evident. Companies like Tencent, Tencent Music, and Kuaishou are expected to show notable operational efficiency improvements on the profit front.