Chinese stock markets lose trillions amid artificial intelligence race
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Chinese stock markets lost $2.4 trillion since May, wiping out value as the country races the United States for dominance in artificial intelligence. The Shanghai stock exchange's STAR 50 Index plunged 40 percent since June, while other major company indexes dropped by about 20 percent over the same period. AI stocks account for over 40 percent of market value in China and Hong Kong according to Goldman Sachs, driven by heavy government investment including a new 60 billion yuan state-backed fund, though domestic tech companies struggle for profitability due to reluctant consumer spending.
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