---
title: "Kuaishou was subject to a value misjudgment triggered by a cognitive lag"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39559791.md"
description: "$KUAISHOU-W(01024.HK) The market uses the ruler of the old era to measure the shortcomings of the new era, which is specifically manifested as three "incomprehensible" points:️ Mistaking "asset investment" for a "cost black hole." The market only sees that the 26 billion in capital expenditure will eat into short-term profits, but fails to understand that this is hoarding AI computing power assets. In the AI era, computing power is power. This money isn't being "burned"; it's building a higher moat for the already profitable Kling AI. Mistaking "AI tech stocks" for "traditional e-commerce stocks." The market is still stubbornly clinging to the old logic of slowing GMV growth in e-commerce..."
datetime: "2026-03-26T19:15:46.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39559791.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39559791.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39559791.md)
author: "[一路飞涨](https://longbridge.com/en/profiles/16917196.md)"
---

# Kuaishou was subject to a value misjudgment triggered by a cognitive lag

$KUAISHOU-W(01024.HK) The market is using an old-era ruler to measure the shortcomings of the new era, which is specifically manifested as three "failures to understand":

️ Misinterpreting "asset investment" as a "cost black hole"  
The market only sees that the 26 billion capital expenditure will eat into short-term profits, but fails to understand that this is actually stockpiling AI computing power assets. In the AI era, computing power is power. This money is not being "burned," but is building a higher moat for the already profitable Kling AI.

Mistaking an "AI tech stock" for a "traditional e-commerce stock"  
The market is still stubbornly clinging to the old logic of slowing GMV growth in e-commerce, but turns a blind eye to Kling AI's new growth pole of over 1 billion in annual revenue and an ARR exceeding $300 million. This is equivalent to giving the AI business a "zero valuation," completely ignoring the fact that Kuaishou has evolved from a "traffic company" to an "AI tech company."

Treating "certain monetization" as "uncertain pie in the sky"  
Faced with news like OpenAI shutting down Sora, the market panicked and sold off the entire sector. But they failed to understand that Kling is not a vague concept, but a profitable product that has already run through a commercial closed loop and possesses self-sustaining capabilities.

In a nutshell: The stock price fell because the market is still using an old map to find a new continent; but the value isn't lost, because Kuaishou's AI engine has truly started and landed.

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