Hong Kong Stocks Extend Losses; Z.AI and MiniMax Plunge Over 10%

TradingKey - Salesforce (CRM) and ServiceNow (NOW) were rarely viewed as direct competitors in the past. Salesforce has long dominated enterprise sales, marketing, and customer service markets, while ServiceNow excels in IT service management and internal workflows. However, as both companies increasingly push into each other's core businesses, the once-clear boundaries between the two SaaS giants are rapidly disappearing.

Copper prices recently reached an all-time high of $14,533, registering a cumulative gain of 17% over the past year. Underpinning this record rally is a long-standing narrative championed by copper bulls for years: aging major global mines struggle to keep pace with demand growth driven by AI data centers, renewable energy, and power grid construction. The gains over the past year have been supported precisely by this long-term supply-demand mismatch.

A pullback in international oil prices provided risk-appetite support for U.S. stocks, snapping a four-day losing streak, with computer hardware and optical communication stocks leading the gains. At the close, the Dow Jones Industrial Average rose 0.98% to 52,573.29; the Nasdaq Composite Index gained 0.96% to 26,333.04; and the S&P 500 Index advanced 0.86% to 7,656.98.

On September 11, Eastern Time, Dell Technologies (DELL) shares reached an intraday high of $567.75, setting a new record high with a gain of over 11%. RBC Capital recently initiated coverage on Dell with an "Outperform" rating and a price target of $640. RBC believes that enterprise investment in AI, computing modernization, storage expansion, and PC replacement demand will support Dell's performance in consistently exceeding its long-term targets. Analyst David Paige stated that Dell's end-to-end portfolio across computing, PCs, storage, and servers, combined with its massive installed base, industry-leading supply chain capabilities, and flexible consumption models (such as subscription-based delivery), positions the company to continue capturing market share.

TradingKey - As AI servers continue to drive up demand for DRAM, particularly High Bandwidth Memory (HBM), Micron Technology (MU) has announced its FY2026 incentive plan for employees in Taiwan. However, the company and the union at its Taoyuan plant failed to reach an agreement in the first round of labor mediation.