① How do financial institutions view the recent significant decline in U.S. software stocks?
②What is the reason for the sudden rise in Pony AI’s stock price?
In the Hong Kong stock market today, individual stocks related to AI applications and optical communications are showing a significant recovery. At the time of writing this article, $KNOWLEDGE ATLAS (02513.HK)$ has increased by about 13%, $CHINA LIT (00772.HK)$, $KINGSOFT CLOUD (03896.HK)$ has increased by about 7%, $PONY-W (02026.HK)$ has increased by about 6%, and $XD INC (02400.HK)$ has increased tremendously. 5%.
US software stocks recover in combination with financial institutions’ rational analysis
Last Friday, the US software sector rebounded strongly, with the iShares Expanded Technology Software Sector ETF (IGV.US)$ rising more than 3% and the Nasdaq Composite Index rising more than 2%, supporting momentum in Hong Kong-listed technology stocks.
“Current market pessimism about the software industry is greatly exaggerated,” said Dan Romanoff, senior equity analyst at Morningstar. Key metrics such as customer retention remain strong, and there is no substantive evidence to support the bearish logic. ”
He further analyzed that it is unlikely that enterprise customers will migrate to homegrown solutions en masse. It is possible that user account numbers are under pressure, but there is no concrete evidence. Automation is not a sudden change; it is a long-term trend. Financial institutions believe that the current decline provides medium- to long-term positioning opportunities.
Furthermore, in response to these favorable conditions, optical communication related stocks also rose. At the time of writing, $YOFC (06869.HK)$ is up nearly 12%, $TIME INTERCON (01729.HK)$ is up over 8%, and $COMBA (02342.HK)$ has soared nearly 6%.
Pony AI collaborates with Moore Threads to pioneer new frontiers in autonomous driving by leveraging domestic computing power.
$PONY-W(02026.HK)$ rose nearly 6%. The company has entered into a strategic partnership with $Moore Threads Technology (688795.SH)$A. The two companies will focus on large-scale implementation of L4 autonomous driving technology and will closely collaborate on training and optimization of the “world model” and “virtual driver system.” The partnership leverages Moore Threads’ MTT S5000 integrated training and inference computing card and “Kua E” intelligent computing cluster to power in-vehicle model training adaptation and validation.
Securities firm research report reveals new path to value rebuilding with AI
Guolian Minsheng Securities pointed out that the iteration of new features in large-scale models and the integration of ecosystems are driving a wave of innovation. The Internet value chain is moving away from a “traffic scale” logic to a new paradigm of “action execution, function invocation, governance control, and outcome-based payments.” Cloud platforms, computing power services, security governance tools, and content licensing mechanisms are core revenue sources. China’s closed-loop ecosystem and industry solution model will have a significant impact on the global competitive environment.
Huayuan Securities also cited data from The Information and said Anthropic has revised its revenue forecasts upward for 2026 and 2027 to $18 billion and $55 billion, respectively. The research report highlights that agent applications in the B-end field have moved beyond the initial stage of “cost reduction and efficiency improvement” and have entered a new stage of “driving business growth.”
The brokerage further pointed out that the continued emergence of AI-native products is expected to significantly improve the conversion efficiency of “tokens to ARR” (annual recurring revenue) by 2026. It is recommended to focus on sectors with high barriers and high certainty and identify long-term industry trends.
Editor/Melody
