Global tech giants are flocking to the capital markets in droves. On August 24, Alibaba announced the completion of its first new share placement since its initial public offering in 2019, raising a total of HK$80 billion following the pricing. According to Wind data, as of August 25, the cumulative value of share placements in the Hong Kong stock market this year had reached HK$197.112 billion, marking a 2.93% year-on-year increase across 289 transactions. Among these, the software services sector led in terms of fundraising through placements. Wang Hongying, President of the China (Hong Kong) Institute of Financial Derivatives Investment, noted that this year's refinancing activities in the Hong Kong stock market have been predominantly concentrated in the AI sector, with the majority of the raised funds earmarked for GPU clusters, inferential computing power, foundational model training, and other related areas. In contrast, last year's refinancing efforts were more centered on leading hardware consumer companies. This shift indicates that the AI competition is transitioning from a mere battle of computing power to a more comprehensive contest involving capital expenditure, long-term cash flow management, and supply chain optimization.