$Vertiv(VRT.US) rose slightly, with data center cooling and power following the steady demand from AI computing power; $Cisco(CSCO.US) and $Snowflake(SNOW.US) were basically flat; $KINGSOFT CLOUD(03896.HK) fell around five percentage points, with the cloud services sector of Chinese concept stocks on the Hong Kong market clearly weaker.

Both labeled with cloud and computing power, the U.S. stock computing infrastructure side has solid demand support, while Hong Kong-listed cloud services are weighed down by concerns over the liquidity of Chinese concept stocks and profit realization—is it a divergence in fundamentals, or simply a difference in capital flows between the two markets? The latter seems more dominant; the weakness of $KINGSOFT CLOUD(03896.HK) is more about the overall discount of Chinese concept stocks in Hong Kong, not entirely a business issue.