HK-US Market Review (11.12) AI "Power Limited"? The Real Opportunity Might Be Here

Dear friends, recently, the tech sectors in the U.S. stock market, such as computing power and AI, have become a "disaster zone." The decline has made many people question their life choices. The reason is actually quite simple—AI is being bottlenecked by electricity.

You heard it right. It's not an algorithm issue, nor a capital withdrawal, but a problem with the most fundamental energy supply. The U.S. power infrastructure is too outdated, and the pace of construction and upgrades simply can't keep up with the development of AI. OpenAI once ambitiously claimed it would deploy 250GW of computing power centers by 2033, but now it's stuck at the power grid. In short, no matter how strong your AI computing power is, it's useless without electricity. Market concerns followed—will the AI bubble, which was hyped to the skies, burst prematurely? As a result, AI, chip, and data center-related stocks in the U.S. have recently been "tripped" by electricity.

But in China, electricity isn't a problem

In contrast, the situation here is completely different. Although China's power supply still relies mainly on coal, the country has made serious efforts in new energy layouts in recent years. The construction speed of solar, wind, and nuclear energy is among the fastest in the world. The power supply is not only stable but also has strong expansion capabilities and lower costs.

From a long-term perspective, this might be the biggest advantage of China's AI industry. AI ultimately competes on computing power, and the core of computing power competition is energy and the industrial chain. China has both.

Jokingly speaking: If OpenAI really wants to solve the problem, it should follow Musk's lead and build factories in China! Place all servers and data centers in China, relying on our strong manufacturing capabilities，完善的供应链和充足的电力。这样，AI 这个泡泡不仅不会破，还能越吹越大。

$Hang Seng Index(00HSI.HK) : Normal rhythm, trend unchanged

Back to the Hang Seng Index, the trend is still within my expectations. As I always say—ignore short-term fluctuations and look at the trend with a long-term perspective. As long as each wave is higher than the last, there's no need to worry. The current market state is healthy: fluctuations, adjustments, and accumulation are all part of the normal rhythm.

Hong Kong stocks: Step by step, slow is fast

$MEITUAN(03690.HK) , $JD-SW(09618.HK) , $BABA-W(09988.HK) , and $AAC TECH(02018.HK) —these are our long-term targets. Just follow the plan. I'm quite satisfied with AAC and Xiaomi; they're holding steady at this level and will surely perform well later. Don't rush for short-term gains; wait patiently for results.

U.S. stocks: Continue to wait, don't disrupt the rhythm

There are no new entry points in the U.S. stock market for now.

$Tesla(TSLA.US) 's movement yesterday felt more like a release of pent-up bullish sentiment, lacking sustainability.

$NVIDIA(NVDA.US) is the focus tonight. If it opens high and closes low, I might short a bit.

I'm still holding the 265 short position for $Apple(AAPL.US) , following the same rhythm.

$Amazon(AMZN.US) has already been profitably exited in the previous round. Now, just waiting for the next opportunity.

To summarize briefly:

The AI bubble is stuck due to electricity, but this isn't a bad thing. For the U.S., it's a bottleneck; for China, it might be an opportunity. The ultimate competition in computing power isn't about stories hyped in PPTs but about real factors like energy, the industrial chain, and costs—all of which China has. The market is within expectations; don't disrupt the rhythm. The adjustment in the AI sector might just be making room for the next opportunity. When it's time to stay patient, keep your hands steady.