At the beginning of August 2026, global capital markets are looking for direction in a complex macro environment. For many cross-border investors focusing on Hong Kong and Taiwan stock markets, an old yet repeatedly market-validated question has once again surfaced: in the current global asset allocation map, why is investing in US stocks still the most certain answer? With the recent strong performance of the Nasdaq index boosted by strong capital expenditure from tech giants, the underlying investment logic of the US stock market is undergoing a new round of revaluation.
AI Computing Power Arms Race: Tech Giants Heavily Betting on the Future
Entering the second half of 2026, the development of artificial intelligence has fully moved from the "initial stage" of large model training to the "arms race" of computing infrastructure construction. According to the latest round of US tech giant earnings and forward guidance, "mega-large-cap stocks" including Microsoft, Google, and Meta have all raised their 2026 full-year capital expenditure expectations. These funds are flowing into data centers, customized AI chips, and liquid cooling heat dissipation and other underlying hardware at an unprecedented scale.
This trend has injected strong certainty into the US stock market. Unlike the previous tech bubble period, this AI wave is driven by tangible huge cash flows and capital expenditures. The "cash-rich" and "daring to spend" posture of tech giants not only stabilizes their weight moat in the Nasdaq index but also provides a clear performance growth roadmap for the entire upstream and downstream industrial chain—from optical modules, PCB boards to power equipment suppliers. For global capital, the Nasdaq has become the best "ATM" for sharing global AI industry dividends.
Why Invest in US Stocks? Three Core Advantages Reshape Asset Allocation Logic
From the perspective of cross-border asset allocation, the continuous inflow of investors into the US stock market is not blind following, but based on the following three irreplaceable core advantages:
1. Exclusive Source of Global Innovation Cycle
The core driving force of global technological development is still highly concentrated in the US stock market. Whether it's generative AI, quantum computing, autonomous driving, or commercial aerospace, its technology source and commercialization landing site are in the United States. Buying US stocks is essentially buying the "original stock" of global innovation. This ability to attract top talent and pricing power for cutting-edge technologies is difficult for other emerging markets to match. When a new industrial revolution breaks out, US stock investors can always enjoy the double boost of valuation and performance in a timely manner.
2. Strong Shareholder Return Mechanism and Profit Resilience
In addition to high growth, the governance structure and shareholder return culture of US-listed companies are also mature. In 2026, against the backdrop of maintaining high interest rates, the buyback wave of US companies is still surging. Many mature companies not only provide defensive warehouse returns through continuous dividend payments but also directly increase earnings per share (EPS) through large-scale stock buybacks. This "endogenous growth + active share reduction" dual-drive model has built a solid valuation bottom for US stocks, making them show strong resilience when facing macro risks.
3. Extreme Liquidity and Market Depth
For large funds and institutional investors, market liquidity is lifeline. The US stock market has the world's deepest capital pool and the most perfect market maker system. Whether it's pre-market and post-market abnormal trading or huge intraday volume support, it can meet the flexible entry and exit of funds at the billion-dollar level. This extreme liquidity spillover effect makes the US stock market the first choice for global risk capital between hedging and profit-seeking.
Capital Flow Confirms Consensus: Global Capital Continues to Embrace US Core Assets
The latest US stock capital flow data also confirms this logic. At the beginning of the second half of 2026, ETFs tracking the US tech sector have continued to receive net subscriptions. Although some voices are concerned about the valuation pressure of the "Magnificent Seven," smart funds are using every intraday pullback to add positions. Sector rotation has not deviated from the tech mainline but has spread from pure software applications to broader "pan-tech" fields such as AI hardware and power infrastructure.
At the same time, we observe that investors in Hong Kong and Taiwan stock markets are accelerating the allocation of US stocks through cross-border mechanisms. Although the Taiwan stock market benefits from the hardware dividends of the AI supply chain, its market capacity is limited and easily affected by geopolitical sentiment; the Hong Kong stock market still needs to wait for stronger fundamental catalysts to resonate. In contrast, the US stock market, with its huge size, diversified industry distribution, and continuous innovation capabilities, has become a core ballast stone for cross-border capital to hedge single-market risks and pursue long-term compound returns.
Investment Strategy: How to Grasp the Second Half of AI in US Stocks?
Facing the current market environment, after understanding "why invest in US stocks," investors need to think more about "how to invest in US stocks." Based on the cross-border research framework of Hui Gang Si Ce, we recommend that cross-border allocation should follow a "core + satellite" strategy:
- Core positions anchor broad markets and leaders: Through regular investment in Nasdaq 100 index ETFs or S&P 500 index ETFs, directly share the average growth dividends of US tech leaders and the entire market, reducing single-stock selection risks.
- Satellite positions explore industry diffusion opportunities: Against the backdrop of the white-hot AI computing infrastructure competition, in addition to focusing on core chip design companies like NVIDIA, more attention should be paid to细分赛道 (niche tracks) such as AI power solutions, liquid cooling temperature control, and advanced packaging equipment, looking for second-line high-growth stocks with expectation differences.
- Focus on earnings season guidance expectations: Closely follow the dynamics of the US earnings season, especially pay attention to the Guidance about AI capital expenditure and commercialization monetization in corporate conference calls, which is often the strongest catalyst for the next stage of stock movements.
Conclusion
The global financial market in 2026 is full of uncertainties, but capital always flows to places with the highest efficiency and richest returns. The US stock market, with its absolute leadership in the AI era, mature shareholder return mechanism, and incomparable market depth, remains an indispensable heavyweight in global asset allocation. For Hong Kong, Taiwan, and global investors, breaking out of the limitations of a single market and including US stocks in long-term investment portfolios is not only a defensive move to hedge risks but also an offensive move to embrace the next round of technology dividends.
