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According to a research report by CITIC Securities, the recent adjustment in technology stocks is due to the forward pricing issue of AI related stocks, rather than simply being affected by US long-term bond interest rates. The research report points out that the commercialization rate and space, pricing power brought by computing power advantages, and the impact of computing power gap on AI models are three key narrative variables. The impact of the US Treasury Department's repurchase of long-term bonds is limited, and the factors contributing to the sustained rise in US long-term interest rates have not fundamentally changed. The short-term funding structure of A-shares determines the complexity of market competition.