中信证券 Sees U.S. Tech Rebound Potential After Midterm Elections

中信证券 sees a possible rebound in U.S. technology shares after the midterm elections and favors semiconductor hardware, saying recent macroeconomic and industry disruptions have cleared as optimism about artificial intelligence returns.

The brokerage described U.S. technology stocks as volatile through the second half of 2026, as views of AI shifted. It also pointed to the effect of bond credit default swaps on stock prices as a source of short-term volatility.

Semiconductor hardware shares have declined since early October, but 中信证券 said the move remained broadly consistent with the market’s trading dynamics since mid-June. In its assessment, macro liquidity pressure and uncertainty around the midterms weighed more heavily than a temporary turn toward pessimism about AI.

The brokerage said the main macroeconomic and industry disruptions of the past one to two weeks had cleared, while optimism about AI had begun to return. Against that backdrop, it sees a possible post-election rebound in U.S. technology stocks, with semiconductor hardware as its leading area.