Arista Networks +1.6%, Cisco +1.7%. The continued expansion of AI data centers is the core support, with both companies recently accelerating their revenue growth rates.
In contrast, Hong Kong stocks Feisu Chuangxin fell 4.4% and GDS Holdings fell 2%. Although they belong to the same infrastructure sector, the valuation logic between China and the US clearly diverges — US stocks are benefiting from the AI capex expansion dividend, while the Hong Kong data center side is suppressed by exchange rates and financing costs.
If the capex guidance from US cloud giants is revised upward next quarter, the upward path for Arista and Cisco will become clearer. Feisu Chuangxin and GDS Holdings still need to wait for the catalyst of Hong Kong stock liquidity recovery in the short term.
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