The semiconductor market is heating up again! Previously, investors were most focused on AI computing power, advanced packaging, and HBM, but now, more and more investors are turning their attention to domestic foundry services. After all, even the most powerful AI chip designs ultimately depend on manufacturing capabilities.
Within this theme, $SMIC (00981.HK)$and $HUA HONG GRACE (01347.HK)$ SMIC and Hua Hong Hongli are undoubtedly among the most closely watched representative companies in the domestic foundry space. As China’s leading foundry, SMIC draws market focus primarily on its progress in advanced nodes, capacity utilization, pricing recovery in mature processes, and its ability to support the domestic supply chain. Hua Hong Hongli, by contrast, specializes more in differentiated and mature process platforms, with strengths in power devices, analog and power management ICs, and embedded non-volatile memory.
As themes like AI, automotive electronics, industrial control, and domestic substitution continue to gain traction, wafer foundry services are no longer just a 'back-end manufacturing link' in the semiconductor supply chain—they are becoming a key lever for the market to revalue domestic semiconductor assets. For investors, what truly matters may not be short-term hype, but whether recovering demand, price normalization, capacity ramp-up, and growth in local customers can collectively drive domestic foundries into a new upcycle.
Institutional expectationsSMICAchieved revenue of $2.824 billion in Q2 2026, an increase of 27.85% year-over-year; expected...

If the core themes driving Hong Kong tech stocks over the past two years have been gaming, advertising, and share buybacks, the market is now reassessing another equally critical narrative:How AI can truly transition from the 'investment phase' to the 'monetization phase.'
Training large models requires continuous investment in computing power, while inference applications are already generating massive and ongoing usage volumes. New scenarios—such as AI agents, multimodal systems, AI-powered search, and intelligent agent workflows—are further amplifying AI usage frequency within billion-user platforms like WeChat, QQ, and gaming ecosystems. In other words, the competition among internet platforms is no longer just about who has the largest model parameters, but also about who can embed AI into apps that users open daily—and turn it into real revenue and profit.
Within this AI application value chain, $TENCENT (00700.HK)$attention is rising ahead of its second-quarter 2026 earnings release scheduled for August 12 Beijing time. $BABA-W (09988.HK)$which leans more toward cloud computing and AI infrastructure,Tencent’s key focus areas center more on WeChat ecosystem AI integration, intelligent ad targeting, game longevity strategies, and tangible AI commercialization.
Analyst expectations $TENCENT (00700.HK)$Revenue for Q2 2026 is expected to reach RMB 202.458 billion, an increase of 9.73% year-over-year; earnings per share are forecast at RMB 6.259, up 4.38% year-over-year.
Recently, sentiment across the Hong Kong tech sector has shown some volatility, with the market simultaneously optimistic about AI applications and...

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Hi, fellow investors~
As we enter mid-August, the Hong Kong and U.S. earnings season continues to heat up. Market focus this week will expand beyond previous big-tech names to cover multiple sectors including Hong Kong tech/internet stocks, semiconductors, AI infrastructure, optical communications, commercial space, cloud computing service providers, resource stocks, and consumer entertainment.
Dual Focus on Hong Kong Tech/Internet: Tencent and JD.com Face Earnings Test
The most-watched star tech/internet stocks in Hong Kong this week are undoubtedly $TENCENT (00700.HK)$and $JD.com (JD.US)$ $JD-SW (09618.HK)$ 。
TencentThis will be a key observation window for Hong Kong’s tech sector, with results scheduled for release on August 12 Beijing time. Market attention centers on the performance of its core gaming business, advertising segment, fintech operations, and whether AI-related initiatives can offer a clearer monetization path. For Tencent, the significance of this report lies not just in 'how much growth' but more critically: Can gaming continue to serve as a reliable cash cow? Can WeChat Channels, advertising, and fintech sustain their growth momentum? And has AI investment started yielding tangible benefits in cloud services, productivity tools, content ecosystems, and ad efficiency? If Tencent can maintain a balance between revenue growth and profitability, it may further reinforce market confidence in its position as a Hong Kong tech leader.
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If the key themes driving the AI market over the past two years were GPUs, HBM, and computing power, the market is now re-evaluating another equally critical theme:how data is stored, accessed, transferred, and preserved long-term。
AI model training requires massive amounts of data, inference applications continuously generate new data, and use cases like AI agents, multimodal models, video generation, and physics-based AI will further expand the volume of unstructured data. In other words, competition in AI infrastructure is no longer just about 'computing faster'—it’s also about 'storing more, accessing faster, and keeping costs under control.'
Within this AI storage chain, $SanDisk (SNDK.US)$attention is rising on a company set to report earnings after U.S. market close on August 5. $SK hynix (SKHY.US)$which is more focused on HBM and DRAM, $SanDisk (SNDK.US)$the main focus for this company lies more inNAND Flash, SSDs, data center storage, and the recovery in enterprise storage demand。
Institutions expect SanDisk to report Q4 2026 revenue of $8.393 billion, up 341.49% year-over-year; and EPS of $33.01, swinging from a loss to profit compared to the prior-year period.
Sentiment across the storage sector has recently been volatile. On one hand, the market is optimistic about sustained AI data center expansion driving storage demand; on the other, concerns linger over whether the current storage cycle has already been priced into stocks. Against this backdrop, can SanDisk leverage its NAND and enterprise-grade storage...

If the past few years were defined by SpaceX’s core keywords—'rocket reusability' and 'launch cost reduction'—the market is now reassessing another dimension of its value: SpaceX may no longer be just a rocket company, but rather one building an integrated commercial ecosystem spanning launch services, satellite internet, defense contracts, deep-space missions, and future space infrastructure.As SpaceX prepares to release its Q2 2026 earnings report,Institutional expectations $SpaceX (SPCX.US)$Q2 2026 revenue is expected to reach $6.819 billion, with an expected EPS of -$0.289.Market focus has shifted beyond just 'how many rockets were launched again' to more practical questions: Can launch operations continue improving efficiency? Can Starlink generate more stable cash flow?
🔎 This time, our focus on SpaceX centers on three key questions:
First, can rocket reusability further reduce costs?After SpaceX releases its Q2 2026 earnings report, how do you think the related space economy stocks will perform?
SpaceX’s biggest moat still stems from the Falcon 9’s high launch cadence and reusability. Traditional aerospace resembles 'single-use consumption,' whereas SpaceX aims to build a 'reusable space transportation network.' If Q2 maintains a strong launch pace and reusability efficiency improves further, commercial...

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Recently, tech giants including Microsoft, Meta, Apple, and Amazon have reported earnings, giving the market an initial look at the relationship between AI investments, cloud revenue growth, capital expenditures, and profit margins.
This week, the focus of earnings season is shifting from 'setting the tone by mega-cap firms' to 'validating investment themes.' This time, the market isn’t just watching leading tech companies—it’s also assessing whether areas like AI applications, commercial spaceflight, AI chips, storage, stablecoins, biopharma, optical communications, quantum computing, consumer goods, nuclear power, rare earths, and Hong Kong-listed assets can sustain the momentum built in the previous phase.
Major tech names take center stage as commercial spaceflight, AI chips, and storage face scrutiny together
The most-watched tech segment this week, $SpaceX (SPCX.US)$ will report earnings after U.S. market close on August 4. Key points of interest include its commercial spaceflight business and Starlink satellite internet operations. The market will focus on Starlink user growth, profitability, and whether its satellite internet segment can continue improving cash flow. SpaceX’s rocket launch capabilities and technological edge are already well recognized; the next critical question is whether it can further accelerate commercialization.
Reporting earnings at the same time is also $Advanced Micro Devices (AMD.US)$ 。...

This week marks the peak of the U.S. earnings season! Tech stocks are set for their most pivotal week yet!
Apple, Meta, Microsoft, AmazonThe four tech giants are about to sequentially release their latest earnings reports: $Meta Platforms (META.US)$has announced it will release its Q2 2026 earnings after U.S. market close on July 29 and hold its earnings call on the same day; $Microsoft (MSFT.US)$ will also report its Q4 FY2026 results. Market focus is shifting from 'whether revenue can beat expectations' to 'whether AI investments can truly generate returns.' The report is scheduled for release after U.S. market close on July 31 Eastern Time, $Apple (AAPL.US)$Q3 FY2026, $Amazon (AMZN.US)$The Q2 2026 earnings reports will serve as a critical window for investors to assess both the fundamentals of these tech giants and their progress in AI commercialization.
The central theme of this earnings season remains:AIOver the past year, tech giants have continued to ramp up investments in large AI models, cloud computing, AI chips, data centers, and application ecosystems. The market is no longer satisfied with grand narratives like 'AI will transform the future'—instead, it wants to see whether AI can truly translate into revenue, margin improvement, and sustainable long-term growth.
Meanwhile, divergence among tech stocks is intensifying. Companies that can demonstrate their AI investments are monetizing effectively will continue to enjoy valuation premiums; conversely, those facing persistently high capital expenditures, margin pressure, or weak management guidance...

If GPUs were the stars of the AI rally over the past two years, the market is now increasingly realizing that what truly determines whether AI computing power can keep expanding isn’t just chip performance—but also memory bandwidth, capacity, power consumption, and supply.
Among the key players in this AI memory theme, $SK hynix (SKHY.US)$ is undoubtedly one of the most closely watched.amid continued strong demand for HBM, every move SK Hynix makes could become a critical indicator for the market to assessthe 'AI memory supercycle'and whether it can continue.
Recently, memory stock prices have been steadily declining, with the market questioning the sustainability of AI-related investments and the reliability of long-term memory supply agreements. Against this backdrop, SK Hynix will announce its Q2 FY2026 earnings on July 29 at 00:00 Beijing time, followed by an earnings webcast.Institutions expect revenue of KRW 84.12 trillion in Q2 2026, with EPS projected to exceed KRW 7,500.Management is expected to address key topics such as HBM shipments, outlook for AI memory demand, and guidance for the second half of the year—making this a critical indicator for assessing memory market sentiment this quarter.
Moreover, recent developments show that SK hynix’s product rolloutis particularly intense,: it has already begun supplying HBM4E 12-layer stacked samples, officially mass-produced 192GB SOCAMM2, and unveiled its iHBM thermal management technology, continuously strengthening its high-performance memory portfolio tailored for AI server applications. The company also received the 2026 I...

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Hi, fellow investors~
This week marks the true peak of Q2 2026 earnings season. The ‘Big Four’ tech giants, memory leaders, core semiconductor supply chain companies, oil & gas majors, and consumer sector leaders will all report earnings—the highest information density and most concentrated trading opportunities of the year."Super Earnings Week"has officially begun.
The Big Four Tech Giants Take Center Stage—AI Monetization Faces a Crucial Test
As key anchors of US stock market valuation,Microsoft, Meta, Apple, and AmazonThe four major tech giants will report earnings one after another during the week. $Microsoft (MSFT.US)$ Microsoft will report earnings after market close on July 29. The market will closely watch the growth rate of AI service revenue within Azure, Copilot’s commercial adoption, and the impact of AI infrastructure investments on profit margins. $Meta Platforms (META.US)$ Meta reports on the same day. Its AI-powered ad tools have consistently improved efficiency over recent quarters; this time, the market is more focused on whether its high-growth AI capital expenditures can be absorbed and whether there’s tangible progress in monetizing the Llama large language model.
$Apple (AAPL.US)$Apple will report earnings after market close on July 30. At this critical juncture for AI feature implementation, whether Apple Intelligence can drive a new iPhone replacement cycle is a key market focus...

This week, the U.S. earnings season continues to heat up! Tech stocks are about to face another round of critical tests: $Tesla (TSLA.US)$and $Alphabet-C (GOOG.US)$will be the first to release earnings, $Intel (INTC.US)$will also report after the market close on July 23,Stories around AI, electric vehicles, cloud computing, and the chip sector revival are about to be put to the test by the market.
The most critical theme of this earnings season remains:Can tech giants’ AI investments truly translate into earnings growth? Over the past year, market expectations for AI have kept rising, but investors are no longer satisfied with grand narratives like 'AI will transform the future.' Instead, they want to see tangible revenue, profits, and commercialization progress.
Divergence among tech stocks is becoming increasingly evident, as the market shifts from 'buy anything AI-related' to a more selective approach. Those who can demonstrate that their AI investments are generating returnswill likely continue to enjoy valuation premiums; conversely, those missing earnings expectations, offering weak guidance, or losing control over capital expenditures could face significant stock price volatility.
Currently, $Tesla (TSLA.US)$Tesla is still navigating between the 'valley of reality' and the 'vast ocean of future possibilities.' Near-term focus remains on vehicle deliveries, price wars, and gross margin pressures, but what the market truly cares about may no longer be just how many cars Tesla sells,but whether Musk can articulate a compelling vision during the earnings call for Robotaxi, FSD, autonomous driving, Optimus robots, and...