NetApp rose by three points, Quanta Services edged up slightly, with orders for AI computing power supporting the enterprise storage and power engineering sectors; Keel Infrastructure was basically flat, while GDS Holdings fell by four or five points instead—both benefiting from the demand for AI data centers, yet power and storage are rising while data center operators are falling.

Is this divergence the market distinguishing who in the computing power chain will realize cash flow first, or is it just GDS Holdings' own China-concept attributes being dragged down by capital outflows? It seems both factors are at play—AI capital expenditure first lands on the power and hardware side; operators have longer return cycles, compounded by pressure on RMB assets, making GDS Holdings the weaker party today.