ChiNext Falls Over 2%, Computing Power Stocks See Broad Selloff, Zhipu Drops Over 15% in Hong Kong
Taylor Wilson
Computing hardware and AI large-model stocks sold off sharply on the morning of June 23 — ChiNext fell over 2%, Zhipu dropped more than 15% in a single session — yet pharma and liquid-cooling names rallied, signaling a clear sector rotation underway.
Why did the computing-power chain become the biggest drag?
All three A-share benchmarks opened low and kept falling. ChiNext widened its loss to 2.11%; the Shanghai Composite fell 0.37%; the Shenzhen Component dropped 1.77%.
Computing hardware and the chip-semiconductor supply chain led the decline — PCB and CPO (co-packaged optics) names fell hardest, with optical-module and HBM (high-bandwidth memory) concept stocks also sliding sharply.
This means → the market is taking profits on the computing-power chain's earlier run-up, and the closer a name sits to the hardware end, the steeper the drop.
What happened to Hong Kong's AI stocks — and why did Zhipu fall the most?
The Hang Seng Tech Index fell 0.56%. AI large-model stocks sold off across the board, with Zhipu plunging more than 15% — one of the session's steepest declines.
Memory-related names were hit too: the Direxion 2× Samsung ETF fell over 12%, the 2× SK Hynix product dropped over 10%, and Montage Technology and GigaDevice each lost more than 7%.
In plain terms = money is pulling out of the entire AI chain — from models to memory chips. This is not a single-name story; the whole sector is cooling.
Where did the money go after leaving the computing-power chain?
Pharma rallied against the trend — innovative drugs, CROs (contract research organizations), and generics all moved higher. In Hong Kong, Shandong Xinhua Pharmaceutical surged over 21%, Hepalink gained more than 11%, and the Hang Seng Biotech Index rose nearly 3%.
A-share financials stayed strong. Changjiang Securities hit a second consecutive daily limit, while Yinzhijie, Liandi Information, and Huijin Technology each rose more than 10%.
This means → capital has not left the market — it has rotated from high-valuation computing power into lower-valuation pharma and financials, a textbook sector switch.
Why did liquid cooling and fiber optics buck the selloff?
Liquid-cooling server names opened strong. Envicool and Dayuan Pump both hit their daily limit up. The catalyst: Nvidia's official blog disclosed that its latest AI servers use full liquid cooling at 45 °C, and cloud providers on the Rubin platform are pushing the transition.
Fiber-optic names also rallied. Yangtze Optical Fibre rose over 10%; Shenzhen Tefa Information hit its daily limit, reaching a fresh all-time high. The backdrop: fiber-preform prices have surged — G.652D preform quotes are up over 180%, and G.657.A2 preforms are up nearly 550%.
In plain terms = within the computing-power chain, "chipmakers" are falling but "server-cooling" and "fiber-laying" names are rising — the market is making a sub-sector rotation inside the same theme.
What signal are bonds and commodities sending?
Treasury futures fell across the curve. The 30-year lead contract dropped 0.26%; the 10-year lead contract slipped 0.07%.
Commodity futures weakened broadly. Shanghai tin and silver fell over 3%; platinum, alumina, bitumen, and coking coal dropped more than 2%. Only rapeseed edged higher.
This reflects a triple selloff across equities, bonds, and commodities — overall risk appetite is contracting. Whether computing-power and AI large-model stocks stabilize will depend on how quickly the market reassesses their valuations.
Content is for reference only, not financial advice.