HSI closed down 0.02% and the Hang Seng Tech Index fell 0.12%; market turnover HKD 254.08 bln. Biotech led gains: 01952.HK and 00767.HK rose over 18%, 02268.HK +14%, 02126.HK +9%. Semiconductors advanced, with GigaDevice 03986.HK +~5% and 02676.HK and 00981.HK each up >1%. Auto stocks weakened after earnings: XPeng 09868.HK plunged 9.19% on an earnings miss; Leapmotor 09863.HK fell 5.71% post-results.

China A-shares compute-power leasing sector rebounded amid volatility. Jialitu, Dongyi Risheng and Gan Consulting hit daily limit-up; Chuangye Heima rose over 10%. Nanling Technology, Damingcheng, Qunxing Toys and Meili Cloud also advanced.

NVIDIA reports F2Q27 results after US close Wednesday. Street survey expects F2Q27 EPS $2.19 and revenue $93.58bn (YoY +100%); consensus guidance for F3Q27 is around $106.14bn (QoQ +13%, YoY +86%), with some investors projecting >$110bn. Key upside drivers cited are strong GB300 server‑cabinet shipments, Rubin Ultra chip ramp, pricing leverage, enterprise AI adoption and cloud/supply‑chain moats; gross margin is forecast near 75%. Downside concerns include “recycling” financing risk and wafer/chip capacity constraints that could limit guidance upside. Earnings-implied option volatility is ~4.6%. JP Morgan (Aug. 24) notes a backstop financing mechanism could deliver “hundreds of billions” in incremental revenue, but warns a simultaneous earnings miss and dovish/soft Fed messaging could trigger a 3–4% pullback in the S&P 500.