US market leaders — cash flow first
Advantages: Microsoft, Google, and Amazon have cloud and advertising revenue to fund their own AI investments.
Risks: Meta’s free cash flow is expected to be negative by $22 billion in 2026, and S&P has lowered its rating outlook.
What to watch: Nvidia’s earnings guidance in mid-to-late November will determine whether this round of AI investment can continue.
Asian supply chain — orders first
Advantages: AI-related industries in the A-share market posted strong profit growth in the first three quarters, and InnoLight’s customer orders are booked through 2027.
Risks: If overseas giants slow data center construction, memory and optical modules will be among the first segments under pressure.
What to watch: Anthropic’s valuation when it goes public will directly affect upstream suppliers’ order expectations.
My trading strategy
Buy in stages; don’t chase prices. The Nasdaq 100 fell about 6.65% in October, already absorbing some of the valuation.
For US stocks, choose companies with strong cloud businesses and stable cash flow; for Asia, choose companies with visible orders and high gross margins.
Diversify positions across both markets, keeping exposure on either side within a tolerable range.
⚠️ The above is only a market observation and does not constitute investment advice.













