---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/41673352.md"
description: "$Vnet(VNET.US) and $GDS(GDS.US) both rose over four percentage points. On a day when tech stocks generally fell, the two Chinese concept data center stocks bucked the trend. The logic of AI cabinet demand spilling over to third-party data centers has been discussed for half a year, with 70% of wholesale orders coming from AI. Is this wave a realization of fundamentals, or a rotational catch-up rally driven by capital clustering? It looks more like a mix of the former and the latter—the orders are real, but the single-day four-point elasticity is clearly given by liquidity. When the pullback comes, whether the baton is still there says more than the gains of these two days."
datetime: "2026-06-10T10:43:24.000Z"
locales:
  - [en](https://longbridge.com/en/topics/41673352.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/41673352.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/41673352.md)
author: "[特大肠粉](https://longbridge.com/en/profiles/27514705.md)"
---

# $Vnet(VNET.US) and $GDS(GDS.US) both rose over fou…


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