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 imp

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.