Computing power price increases move from "scarcity" to "financial statements": domestic computing power ramps up in tandem to deliver earnings.

Title context: Computing power price increases move from "scarcity" to "financial statements": domestic computing power ramps up in tandem to deliver earnings. Text: I. Overnight U.S. stocks: AI and semiconductors lead gains, computing power price increases move from "scarcity" to "financial statements" On September 17, U.S. Eastern Time, the three major U.S. stock indices ended a three-day losing streak, with the Nasdaq up 1.69%, the S&P 500 up 1.14%, and the Dow up 0.61%, while the Philadelphia Semiconductor Index rose 3.14%. Nvidia gained 2.54%, AMD rose 6.36%, ARM climbed 8.57%, and Intel advanced 7.67%; Jensen Huang publicly stated that he expects chip sales next year to reach twice this year's level. More noteworthy than the indices is the systematic upward shift in the central price level of computing power leasing. European computing cloud provider Nebius announced another price increase effective October 1, with on-demand GPU rental rates rising 17%-21%, and the cumulative increase for B300 reaching about 56% year to dateits second price hike within three months; during the same period, CoreWeave signed third-quarter short-term contracts at a high price of about $40 million/MW, adding more than $25 billion in net customer commitments at the start of the quarter. An even more structural change is the tightening of commercial termscomputing power procurement is shifting from "one-year reservations" to "three-year reservations," with prepayment ratios rising to 30%-40%. With price, duration, and prepayment all tilting toward suppliers simultaneously, the "supply shortage" in computing power has fallen from narrative to a priceable financial statement figure. Peripheral liquidity is also recovering. After South Korean equities saw cumulative net selling of 148.3 trillion won in the first half and a record single-month selloff of 49.34 trillion won in June, they recorded $400 million in net buying in August, turning positive for the first time after seven consecutive months. The main targets of that selling wave were the two chip leaders Samsung Electronics and SK Hynix, while foreign capital shifted during the same period toward financials, energy, and autosessentially a rebalancing of crowded, highly valued positions rather than a bearish view on AI. Sustained selling had pushed Korean equity valuations down to a historic low of 6.2x forward P/E on the KOSPI200, prompting Morgan Stanley to upgrade Korean equities to "overweight." The strong AI main line in U.S. stocks, computing power price increases, and the valuation floor and capital-return inflection point in Asia-Pacific risk assets are resonating, and risk appetite across the global technology supply chain is undergoing a systematic repair. II. Full industry chain landscape: boom transmits from chips upstream, domestic computing power ramps up in tandem The signal of rising computing power prices in U.S. stocks is transmitting along the supply chain to every link, and computing power assets in A-shares and Hong Kong stocks have become broadly active as a result. Chip design is the starting point of elasticity. Cambricon (688256.SH) rose 3.17% intraday today to 1,141 yuan, up 25.56% year to date; first-half revenue was 5.996 billion yuan, up 108.13% year over year, net profit attributable to shareholders was 2.311 billion yuan, up 122.61% year over year, and gross margin reached 55.25%. The acceleration in its earnings release confirms the inflection point of domestic AI chips moving from "usable" to "large-scale commercialization"in the first half, Day0-level adaptation was achieved for mainstream models including SenseTime, DeepSeek-V4, and GLM5, while the simultaneous rise in prepayments and inventory points to active stockpiling on the supply side for order delivery. Optical modules are the link with the strongest earnings certainty in the computing power chain. Zhongji Innolight (300308.SZ) rose 0.57% intraday today to 901 yuan, up 47.97% year to date; first-half net profit attributable to shareholders was 13.651 billion yuan, surging 241.70% year over year. In the same segment, Eoptolink Technology Inc. posted profit growth of 90.98%, with gross margin rising to 48.46%; Suzhou TFC Optical Communication had a gross margin of about 60%; Hgtech and Cig Shanghai continued to ramp up volume deliveries in 800G and 1.6T. The optical module boom is essentially a direct reflection of capex expansion by overseas cloud providersthe year-over-year growth rate of cloud business revenue at the three major North American cloud providers rose to 31.6%-81.8% in the second quarter, and the median full-year capex guidance of the four leading cloud providers reached $732.5 billion. Domestic GPUs are the direction with the greatest demand-side elasticity. ILUVATAR COREX (09903) rose 7.09% intraday today to HK$134.40, up 178.84% year to date. Behind this is the combination of a rising slope in token consumption by domestic models and accelerating chip-model adaptation: domestic GPUs have completed inference optimization for mainstream models such as DeepSeek and Qwen, and with overseas supply constraints and the lagging pace of domestic capacity expansion, the supply-demand gap continues to widen. Computing power operations are where the certainty premium lies. GBA AI COMP (01396) rose 2.41% intraday today to HK$11.47 (as of press time), up 133.26% cumulatively year to date. Facing the same shortage of computing power supply, overseas neoclouds rely on "price increases" to convert scarcity into hourly rental revenue; GBA AI COMP relies on "long-term order locking"as of mid-2026, its intended computing power technical service orders in hand exceed 37 billion yuan (with delivered, steadily billed scale exceeding 20 billion yuan), and more than 95% of newly signed orders this year are three-to-five-year long-term contracts, converting scarcity into certainty of cash flow. The hardware segment earns the boom beta, while the operations segment earns the certainty premium locked in by long-term contracts. As the boom transmits layer by layer through chips, optical modules, GPUs, and operations, the strength in U.S. stocks and computing power leasing is essentially endorsing the same thingthe scarcity and pricing power of computing power have already turned from narrative into financial statement figures; what truly needs to be repriced are those names in each segment whose "earnings realization has already run ahead of capital consensus."