On November 9, the GEM hashrate ETF Huaxia rose more than 2.5% in the intraday period, up 0.57% at press time, with a turnover of 300 million yuan. According to the news, the four major North American tech giants continued to invest in AI infrastructure. Cash spending on property and equipment increased month-on-month in the third quarter, and servers, network equipment, and data centers became key directions. On the demand side, Google, Amazon, and Microsoft's remaining performance obligations continue to expand. Companies lock in computing power in advance through multi-year contracts to provide demand support for subsequent production capacity construction, while Meta drives return on investment through model iteration, content recommendations, and advertising efficiency improvements. Dongwu Securities said that recent market concerns about the pace of data center construction should not be simply extrapolated to a downturn in AI demand. Many demand-side indicators are still verifying the high boom. There is a mismatch between sector fundamentals and stock price expectations. It is recommended to maintain a positive judgment on AI industry trends, and it is recommended to focus on repair opportunities in sectors such as optical communications and PCBs. Open Source Securities believes that the midterm elections did not change the trend of AI computing power demand, but the market will pay more attention to the certainty of project electrification and delivery on schedule, and data center cost sharing and local approval processes still require continuous attention. GEM Computing Power ETF Huaxia closely tracks the GEM Computing Power Infrastructure Index. The index focuses on the AI computing power infrastructure industry chain, and is a convenient tool to lay out the core links of computing power hardware with one click.

On November 9, the GEM hashrate ETF Huaxia rose more than 2.5% in the intraday period, up 0.57% at press time, with a turnover of 300 million yuan. According to the news, the four major North American tech giants continued to invest in AI infrastructure. Cash spending on property and equipment increased month-on-month in the third quarter, and servers, network equipment, and data centers became key directions. On the demand side, Google, Amazon, and Microsoft's remaining performance obligations continue to expand. Companies lock in computing power in advance through multi-year contracts to provide demand support for subsequent production capacity construction, while Meta drives return on investment through model iteration, content recommendations, and advertising efficiency improvements. Dongwu Securities said that recent market concerns about the pace of data center construction should not be simply extrapolated to a downturn in AI demand. Many demand-side indicators are still verifying the high boom. There is a mismatch between sector fundamentals and stock price expectations. It is recommended to maintain a positive judgment on AI industry trends, and it is recommended to focus on repair opportunities in sectors such as optical communications and PCBs. Open Source Securities believes that the midterm elections did not change the trend of AI computing power demand, but the market will pay more attention to the certainty of project electrification and delivery on schedule, and data center cost sharing and local approval processes still require continuous attention. GEM Computing Power ETF Huaxia closely tracks the GEM Computing Power Infrastructure Index. The index focuses on the AI computing power infrastructure industry chain, and is a convenient tool to lay out the core links of computing power hardware with one click.