拼多多(PDD.O)：中長期來看，將擴大本地商品供應，並提升本地履約覆蓋範圍。

Hang Seng Tech Index extends losses to 4%; MINIMAX-W (00100.HK) falls more than 10%.

JP Morgan says Q2 AI company revenues beat expectations and the economic sustainability of the AI capex cycle has improved versus six months ago. Its internal credit research projects $5.5 tln of AI-related capex in 2026–2030; external estimates reach up to $10 tln. At the midpoint (~$7.5 tln), JP Morgan models combined revenue for AI cloud, model providers and new neocloud services at $1.6 tln by end-2026; with 10–20% annual growth thereafter, 2030 revenue would be $2.5–3.0 tln. Demand is concentrated in enterprises: large firms’ AI spend as a share of total opex+capex is expected to rise from 4.5% over the past 12 months to 5.8% over the next 12 months — against roughly $30 tln of global large-enterprise opex+capex this implies about $1.7 tln of AI spend. JP Morgan says the bearish claim that AI infrastructure far exceeds monetization capacity has weakened, but margins, depreciation, utilization, pricing power and intra-supply-chain returns still require validation. (JP Morgan report, Aug. 20)