Citic Securities: Meta's Chip Sale Reflects ROIC Optimization, Not Overcapacity

Citic Securities released a research report stating that Meta's sale of computing capacity does not signal an industry overcapacity situation, but rather reflects the company's pursuit of higher return on invested capital (ROIC) during a high capital expenditure phase. The brokerage noted that the sector has transitioned from pure capital expenditure expansion into a ROIC validation stage. Recent market volatility in AI-related stocks is driven by significant gains in broad chip sectors combined with leverage-amplified selling, rather than fundamental deterioration in the sector outlook.
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