As September arrives and the interim earnings season wraps up, overseas CSP capital expenditures have shown signs of slowing. Combined with hawkish signals from Fed Chair Warsh at the global central bank symposium, where is the tech sector headed after its oversold bounce? Let's review the latest analysis from Zhao Fengfei, manager of the Great Wall "Tech+" fund.
Tech stocks staged a rebound in August, but the market has now entered a phase of volatility and divergence. Zhao Fengfei states that he remains optimistic about the tech rebound, predicting that September will still be a favorable window for the sector. However, he cautions that uncertainty is likely to increase going forward.
He also notes that after a significant market decline, conditions may become more balanced, with computing power no longer dominating the landscape. Meanwhile, domestic open-source models are continuously raising the ceiling for performance, which means opportunities for fundamental repair still exist in both domestic computing power and AI applications.
Regarding future investment directions, Zhao Fengfei highlights several opportunities he is currently watching within the tech space. The first is the AI computing power chain, encompassing both overseas and domestic players, with a relatively stronger preference for domestic options. The second is the semiconductor sector, including equipment, materials, and certain design segments, with a particular focus on edge-side chips. The third covers other rebalancing areas, such as AI applications, supernodes, lithography machines, innovative drugs, and cybersecurity.
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