US Stocks Weekly｜Looking at the Three Markets Together, AI Hardware Still Shines Brightest

It’s quite interesting to look at US stocks, A-shares, and Hong Kong stocks together this week.
The Dow fell 1.7% and the Nasdaq rose 0.7%; the Shanghai Composite rose just 0.6%, while the STAR 50 gained 6.4%; the Hang Seng Index barely moved, while the Hang Seng Tech Index rose 2%. The indexes all went their separate ways, but storage, chips, advanced packaging, and optical communications all rose across the three markets.
After the Fed raised interest rates by 25 basis points, 10-year US Treasury yields briefly broke above 5%. Normally, growth stocks would not have an easy time with rates this high, but AI hardware held up anyway this week. SNDK, Seagate, and Coherent all posted direct gains. Behind the AI narrative, there is more to watch, with NAND supply tight and both prices and delivery times showing meaningful signals.
A-shares also have the added factor of domestic substitution, while Hong Kong stocks benefited from a rebound after last week’s steep decline, along with renewed technology buying by southbound funds. So I won’t see all three markets rising together and immediately call it a global trend. But at least we can confirm that everyone is indeed watching the same industry chain right now.
US stocks were not actually as strong as the indexes made them look. The Russell 2000 fell 1.5% for the week, and US equity funds saw outflows for the fourth consecutive week, with $31.4 billion flowing out this week. The broader market did not fall much, mainly because several major technology stocks and relatively strong-performing sectors provided support.
Going forward, I’ll be watching storage prices, delivery times, and profits. If prices continue to rise, supply remains tight, and company profits keep up, this rally may have further to run. Rising together shows that everyone is watching now; how far it can go will still depend on the data ahead.
#美股 #A-shares #港股 #AI #半导体 #Storage