CITIC Securities said NVIDIA CEO Jensen Huang’s departure, combined with shifts
in the US political backdrop, could trigger a valuation repricing across the AI
supply chain and a style rebalance in US equities, though the medium‑term effect
depends on corporate earnings evolution. In tech, markets may short‑term reprice
slower AI capex growth and downward revisions to semiconductor earnings;
supply‑chain inventory risk appears limited and hardware downside should be
manageable. Slower AI capex would improve cloud service providers’ (CSPs’) free
cash flow, and, together with a potential retreat in long‑end yields, could
support the SaaS sector. For US equities, the midterm elections and tech
leadership turnover may increase near‑term volatility but systemic selling
pressure is likely limited; as political risk is digested, pricing should
refocus on earnings growth and upward revisions to underpin medium‑term
performance.