Hong Kong technology stocks saw a corrective rebound on Monday, with AI applications and the optical communication sector performing notably well. On the trading boards, Zhihu surged about 9% at one point, with increased strength also seen in China Literature, Pony.ai-W, and Heartbeat Network, indicating a clear recovery in market sentiment.
US Software Stocks' "Stop-fall Rebound" Spills Over, Leading with Sentiment Repairs
The warming sentiment in Hong Kong's tech stocks is supported by a rapid rebound in US software stocks last Friday: the iShares US Software ETF (IGV) rose over 3%, while the NASDAQ increased by more than 2%, serving as a marginal improvement "weathervane" for risk appetite.
Institutional opinions are also "cooling down"—some analysts believe that earlier market concerns about the software industry were overstated, as there has not been significant deterioration in core indicators like customer retention that would match the pessimistic pricing; the likelihood of enterprises fully switching to self-developed alternatives is also considered low.
Optical Communication Rises: The "Infrastructure" Logic of the Computing Power Chain is Traded Again
With the rebound in tech sentiment, optical communication stocks also showed significant strength: Yangtze Optical Fibre and Cable, Comba Telecom, and HJT Technology were among the top gainers. The market broadly interprets this as renewed attention to the infrastructure attributes of the "computing power–data–transmission" chain.
Catalyst Event: Pony.ai Partners with Moore Threads, Focusing on L4 Scaling and Training Optimization
On the individual stock level, Pony.ai-W's rise is related to collaboration news: the company has entered a strategic partnership with Moore Threads, focusing on the large-scale deployment of L4 autonomous driving, while jointly advancing training and optimization in the "World Model" and "Virtual Driver System"; the related solutions are based on the Moore Threads MTT S5000 training and inference integrated intelligent computing card and the "Kuae" intelligent computing cluster, emphasizing vehicle model training adaptation and validation.
Securities Firms' Perspective: AI Commercialization Shifts from "Traffic" to "Results," Agent Seen as New Growth Driver
Securities firms' research reports focus the mid- to long-term logic on "business model transition": the internet value chain is described as shifting from "competing for traffic size" to a new paradigm of "capability invocation, controlled governance, and result-based payment," with cloud platforms, computing power services, security governance tools, and content licensing mechanisms considered potential key sources of profit.
Meanwhile, upward revisions in revenue expectations for large model companies are used to reinforce the narrative that "the industry is still accelerating": Reuters cited The Information, reporting that Anthropic has raised its 2026 revenue forecast to as high as around $18 billion and anticipates reaching about $55 billion by 2027.
