On May 8, the semiconductor sector in the Hong Kong market experienced a pullback. Meijiayin Holdings fell over 9%, while HUA HONG SEMI dropped more than 8%. Innoscience and Xinzhi Holdings declined over 6%, and GigaDevice and SMIC both fell more than 5%.

On the news front, ARM Holdings released its latest quarterly results, which slightly exceeded market expectations. However, its stock price dropped approximately 10% following the earnings report. Analysts at Goldman Sachs noted that, given the optimistic outlook presented during ARM's recent investor day and the general market enthusiasm for CPU growth prospects, investor expectations had been significantly elevated before the earnings release. As a result, the modest earnings beat was insufficient to drive further stock gains, and the stock is expected to remain volatile in the near term.

Zhongyuan Securities pointed out that, driven by AI's positive impact on core business operations, the four major North American cloud providers—Google, Microsoft, Meta, and Amazon—have continued to increase their capital expenditures. In the first quarter of 2026, the combined capital expenditure of these four companies reached approximately $128.8 billion, representing an 81% year-on-year increase and a 10% sequential rise. These cloud providers have also raised their capital expenditure plans for 2026. Google expects its capital expenditure to increase to $180–190 billion (up from the previous guidance of $175–185 billion) and anticipates even higher spending in 2027. Meta has projected capital expenditure of $125–145 billion (revised upward from $115–135 billion). Microsoft expects capital expenditure of around $190 billion, while Amazon forecasts approximately $200 billion, a 56% year-on-year increase. The ongoing expansion of AI infrastructure investments by these major cloud providers is fueling strong demand for AI computing hardware. Investment opportunities in areas such as AI PCBs and optical chips are worth watching.