美國白宮國家經濟委員會主任哈塞特：美國總統特朗普將決定持有英特爾(INTC.O)股票的時間。

Hong Kong stocks closed higher. Hang Seng Index rose 1.05% and the Hang Seng TECH Index gained 1.26%. Livestock/breeding sector led gains; Muyuan Foods (02714.HK) advanced 5.18%.

Academy Securities strategist Peter Tchir says AI capital spending is producing a rare equity–credit split. He remains cautious on AI equity valuations, warning markets could renew scrutiny of capex scale and returns. By contrast he favors bonds financing data centers and AI infrastructure for their higher total yields and potential for spread tightening. Alphabet’s recent plan to raise about $20–25 bln in the US bond market to fund large-scale AI investment exemplifies the dynamic; markets have already flagged capex-driven pressure on Alphabet’s free cash flow and equity valuation. Reuters data show Amazon, Meta, Oracle and other tech giants have also stepped up debt issuance this year. The same AI outlay can mean cash-burn and return-risk for shareholders while offering yield pickup to credit investors, prompting a shift from equity-only AI trades toward repricing within capital structures.