The latest US move against China could fuel speculation about an AI war amid uncertainties surrounding trade tariffs between the two nations.
Market Reaction: Hong Kong Tech Stocks Tumble
Hong Kong-listed tech stocks tumbled in response to Friday’s memorandum, underscoring concerns about the US restricting China’s access to US tech. On February 24, major Hong Kong-listed tech stocks tumbled:
- Alibaba (9988) fell 2.02%, followed by a 4.94% drop on February 25.
- Baidu (9888) declined 3.58% on February 25 after closing the February 24 session flat.
- Tencent (0700) slid 3.22% on February 25.
Brian Tycangco, editor and analyst at Stansberry Research, noted the market’s reaction:
“Hong Kong market takes a tumble at the open Monday following Trump’s memorandum on restricting US investments in Chinese tech, including AI. As…
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