The major U.S. stock earnings report released after the close this morning has become an important turning point for market sentiment, not only reversing the recent downward pressure on tech stocks but also stabilizing the core narrative of the AI industry chain.

Previously, the market had some divergence on high valuations, capital expenditure, and AI investment returns, but the latest disclosed data directly dispelled some capital concerns and re-strengthened market confidence in the long-term prosperity of the AI industry.
In this earnings report, the most striking data is undoubtedly the gross margin of 84.9%. This level far exceeds market consensus expectations, and even Wall Street analysts had not given such aggressive forecasts before. From a profitability perspective, this has reached an extremely high industry standard, and in some core businesses, it even shows stronger profit elasticity than NVIDIA, indicating that demand for AI infrastructure remains strong and the industry chain is still in a high-prosperity cycle.
What is more noteworthy is that the company's management remains optimistic about future demand and has not released any signals of significant slowdown. This means that AI capital expenditure will remain high, and data center construction, computing power expansion, and storage upgrades will remain important investment directions for the coming quarters. For the entire AI industry, this not only means that leading companies will continue to benefit, but also that the upstream and downstream supply chains are expected to simultaneously see performance realization.
Therefore, entering July, the overall U.S. stock market still maintains a bullish stance, but the investment focus needs to be more concentrated.
From the current industry trend, I am more optimistic about the investment opportunities in the storage industry chain, including HBM, high-performance DRAM, NAND Flash, and related packaging, materials, and equipment segments. With the continuous growth of AI training and inference demand, the importance of storage capacity and bandwidth is increasing, and it is difficult for the industry prosperity to see a turning point in the short term.
For A-shares, opportunities can also be found around the AI storage industry chain, focusing on niche leaders with strong technology barriers and order fulfillment capabilities, as well as core suppliers that can benefit from the global expansion of computing power.
Overall, the main logic of this round of AI market trend has not changed. What is truly worth paying attention to is not just the performance of leading companies, but also the niche tracks around the industry's upstream and downstream that continue to release performance elasticity. There may still be hidden excess return opportunities in the next stage.