港股半導體股震盪走高，兆易創新(03986.HK)漲超6%，愛芯元智(00600.HK)漲超5%，瀾起科技(06809.HK)、華虹宏力(01347.HK)漲超4%，中芯國際(00981.HK)漲超3%。

BofA expects hyperscale cloud capex to exceed $860bn in 2026 (up ~80% YoY) and approach $1.2trn in 2027 (up ~38%). Microsoft, Oracle, AWS and Google report a combined cloud backlog of more than $2.3trn, up 16% QoQ, providing high visibility for future spend. The current AI infrastructure expansion will chiefly boost demand for compute, storage, semiconductor equipment, power semiconductors and optical communications. As AI agents and inference workloads scale, server allocations of HBM, DRAM and SSDs should rise; storage demand could outpace GPU shipments. Capex exceeding operating cash flow will compress free cash flow at big tech firms, though they can access debt and equity markets. BofA characterises the cycle as a multi-year infrastructure build and says rising cloud orders improve visibility on AI investment returns.

Iranian state media reported on Tuesday President PEZESHKIAN said Iran will defend its borders but does not seek to expand the war. President TRUMP said on Monday US-Iran talks are underway; Tehran denies any negotiation plans.