HK Stock Market Move | Technology stocks collectively under pressure, BABA-W (09988) and HUA HONG SEMI (01347) both fell over 1%.

Technology stocks collectively came under pressure this morning. As of the time of writing, BABA-W (09988) fell 1.3% to HK$144.1, HUA HONG SEMI (01347) fell 1.32% to HK$67.3, and Tencent (00700) fell 0.41% to HK$602.5. On the news front, tech stocks in the US fell collectively overnight, with Oracle dropping over 5% and its stock price falling to around $178, wiping out most of its gains from the past year. It was reported that Oracle's Michigan data center partner, Blue Owl Capital, refused to invest in its $10 billion data center project due to concerns about its debt and AI spending, leading to a deadlock in negotiations. Oracle confirmed Blue Owl's exit but stated that the equity transaction for the project is proceeding as planned and is meeting expectations. CCB International stated that Oracle's stock price drop indicates that the stage of relying solely on capital expenditure stories may be over, and investors now need to see real returns rather than endless investments. CICC International believes that liquidity factors and a pullback in the US AI sector are putting pressure on the Hong Kong stock market sentiment. In the absence of new catalysts, the short-term sentiment in the Hong Kong stock market may enter a period of oscillating repair, and investors should not be blindly pessimistic, but it may not be time for a complete bottom fishing.