Gulf mediators and Iran agree to keep talking as US strike threat loomsIsrael votes at record turnout in election too close to callCongo Ebola cases pass 10,000 as neighbours tighten quarantineHouthis claim missile strike on Ras Tanura as Egypt backs RiyadhOleshky truce holds as Nordic leaders speak with PutinDrone strikes kill 21 in Nyala and cut power across Sudan as states warn of famineChurch reports 60 Orthodox Christians killed in two Oromia attacksIndia evacuates eastern coast as very severe Cyclone Arnab nears landfallJordan strikes southern Syria after church attack, Damascus protestsAnthropic's IPO filing shows heavy losses and warns of existential risksRussian strikes damage Kyiv's South Bridge and cut power in seven regionsFlávio Bolsonaro leaves for US as Brazil cancels his passportsOil holds near $115 while gas, fuel costs and inflation stay highChina's AI stocks keep falling despite state supportFrench student groups reject concessions as finance minister rules out new spendingAI stocks rebound as Meta raises equity and Anthropic files for IPOHebron displacement nears 5,000 as officers expect pullout after voteTwo men charged over RAF Fairford incidentStudent List wins Serbian election as Croatia demands acknowledgement of 1990s warsIndonesia and Singapore plan haze task force amid tensionsBrazil's real suffers worst day in over 25 years after Lula comebackIran threatens legal action against Sinokor ships over HormuzUN commission says Israel continued genocide in Gaza after ceasefireGas exporters meet in Moscow as Iranian and Qatari leaders hold talksIndonesian bond yield hits four-year high as MSCI risk and oil weighFrench consumer confidence hits 13-year low amid protestsGulf mediators and Iran agree to keep talking as US strike threat loomsIsrael votes at record turnout in election too close to callCongo Ebola cases pass 10,000 as neighbours tighten quarantineHouthis claim missile strike on Ras Tanura as Egypt backs RiyadhOleshky truce holds as Nordic leaders speak with PutinDrone strikes kill 21 in Nyala and cut power across Sudan as states warn of famineChurch reports 60 Orthodox Christians killed in two Oromia attacksIndia evacuates eastern coast as very severe Cyclone Arnab nears landfallJordan strikes southern Syria after church attack, Damascus protestsAnthropic's IPO filing shows heavy losses and warns of existential risksRussian strikes damage Kyiv's South Bridge and cut power in seven regionsFlávio Bolsonaro leaves for US as Brazil cancels his passportsOil holds near $115 while gas, fuel costs and inflation stay highChina's AI stocks keep falling despite state supportFrench student groups reject concessions as finance minister rules out new spendingAI stocks rebound as Meta raises equity and Anthropic files for IPOHebron displacement nears 5,000 as officers expect pullout after voteTwo men charged over RAF Fairford incidentStudent List wins Serbian election as Croatia demands acknowledgement of 1990s warsIndonesia and Singapore plan haze task force amid tensionsBrazil's real suffers worst day in over 25 years after Lula comebackIran threatens legal action against Sinokor ships over HormuzUN commission says Israel continued genocide in Gaza after ceasefireGas exporters meet in Moscow as Iranian and Qatari leaders hold talksIndonesian bond yield hits four-year high as MSCI risk and oil weighFrench consumer confidence hits 13-year low amid protests
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Symbolic image: China's AI stocks keep falling despite state supportSymbolic image

China's AI stocks keep falling despite state support

5 sources

Chinese AI and tech shares have kept sliding since June, even as state-backed funds try to prop up the market. Outlets put the losses between $480 billion and $2.4 trillion.

The STAR 50 index of tech and innovation firms has fallen 40% since June, and China's broad blue-chip index is down about 20% from its June highs, according to the Guardian and Reuters. Reuters counts about $480 billion in lost value on the STAR 50, while the Guardian, citing Bloomberg, says $2.4tn has left China's market since May. The New York Times reports that the Communist Party is again deploying its "national team" of state-owned funds, but that investors doubt it will work. Bloomberg's headline says a final-hour slide on Tuesday shows how much the market relies on that support.

Profit worries and export curbs

Dan Wang of the Eurasia Group cites thinner margins than expected, US rate rises and weak domestic demand. Reuters says traders saw no clear trigger, but named high prices, tax bills and the threat of foreign bans on Chinese equipment in data centres.

Robot and chip makers hit hardest

Robot-maker Unitree has halved since its August listing, and Reuters reports that MetaX and Moore Threads have halved since July. The Guardian notes that robot demand comes mainly from government agencies and research institutions, not consumers, even though a 60bn yuan state-backed AI fund began investing this month.

Other opinions

Daily Sabah, running Reuters, says the bubble may be bursting, while China's state-affiliated Global Times argues in a headline that the pullback is no sign of that.

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