This week focuses on the release of Federal Reserve meeting notes and US September CPI data

HSBC believes that the traditional growth logic of data centers is shifting from frontier model iteration to AI commercialization and diffusion. With the rise in inference demand and increased capital expenditure from cloud service providers, combined with tightening power and regulatory constraints, the supply-demand imbalance is expected to persist until 2028. Even with rising interest rates, the compound annual growth rate of AFFO per share is still expected to reach 11%–12% from 2025 to 2028, demonstrating strong earning resilience.

Bloomberg strategist Simon White warns that the recent rise in US Treasury yields is shifting from a "benign" increase driven by interest rate expectations to a disorderly surge fueled by expanding term premium. Market analysts note that higher long-term interest rates will simultaneously push up US stock valuation discount rates and corporate financing costs, intensifying liquidation pressure on highly leveraged assets. If interest rates above 5% become the new norm, US stock valuations will face ongoing compression pressure.