Analyst Henry Hu said the AI-driven rally prompted tech giants to raise large
sums via equity and debt, boosting tech valuations and share prices. That
capital is likely to be redeployed into physical capex rather than remain in
financial markets, shifting funds from speculative financial assets into real
assets. After benefiting from a liquidity tailwind, tech stocks may face
valuation pressure or profit-taking; non-ferrous metal miners could be the next
Beneficiaries as demand and earnings improve. Non-ferrous miners begin reporting
results late this month — watch earnings for confirmation.