Xue Hong suggests that the pullback in the AI computing power market stems from a switch in pricing logic

On November 3, 2026, Yicai published an article by Xue Hong, arguing that the pullback in the AI computing power market stems from a switch in the market's pricing logic. The article takes the STAR 50 as its observation subject: the index fell from 2,208 points at the end of June to 1,161 points at the end of October, a drawdown of about 47% over four months; Cambricon's revenue for the first three quarters was 9.526 billion yuan, up 106.76% year on year, yet its share price still fell 36.8% in the third quarter. Xue Hong argues that the industry logic has not changed; what has changed is that the market has shifted from the income statement to the cash flow statement, from growth rates to duration, with capital expenditure turning from orders on the numerator side into liabilities on the denominator side. He suggests first looking at who ultimately pays and how far this "correctness" has already been priced in, then looking at whether the account's time horizon can wait for it to materialize. At present, there are no subsequent factual developments regarding this judgment.

AI-generated from public reports

1. Report date Nov 3· 1 reports

   Xue Hong proposes that the AI computing power market pullback stems from a switch in pricing logic

   Source:Yicai