Analyst Tiernan Ray cites Merrill Lynch research suggesting AI chip companies like Nvidia may produce more semiconductors than the market can absorb, despite upbeat sales forecasts. UBS finds chip stocks undervalued, but cloud giants' actual spending plans don't fully support optimistic growth projections.
Hong Kong's IPO market surged in the first nine months of 2026, with 112 companies raising US$48.4 billion on the main board—doubling from the prior year and reaching the highest level since 1980. Though trailing Nasdaq's US$144 billion (boosted by SpaceX's record US$86.2 billion offering), Hong Kong outpaced the NYSE and is positioned for strong year-end activity with over 500 companies in its listing pipeline.