HK Stock Market Move | AI hardware stocks continue to face pressure as OpenAI's revenue falls $20 billion short of expectations, reigniting market concerns over the AI industry's growth prospects.

AI hardware stocks continue to face pressure. As of press time, Guangdong Dtech Technology (01377) fell 6.79% to HK$236; Victory Giant Technology (02476) dropped 4.39% to HK$185.3; Cig Shanghai (06166) declined 4.06% to HK$106.3; Hua Hong Grace Semiconductor (01347) fell 3.56% to HK$92.2. On the news front, AI-related tech stocks tumbled overnight, with the Philadelphia Semiconductor Index plunging over 3%. Reports indicate that OpenAI's annualized revenue is $20 billion lower than the company had previously disclosed, reigniting market concerns over the AI industry's growth prospects. Notably, while the $20 billion shortfall did not stem from deteriorating business conditions but rather from a systematic discrepancy in accounting methodology, the market remains worried that if AI application companies' actual revenue falls short of previous expectations, their ability and willingness to expand computing power, purchase chips, and build data centers in the future could also be affected. Additionally, the recent rise in U.S. Treasury yields has exacerbated concerns over rising financing costs and exerted some pressure on tech stock valuations.