Chinese tech stocks fell after reaching multi-year highs as AI-driven gains slowed. Traders locked in profits amid economic concerns, with Alibaba and Baidu retreating from their intraday peaks.
Chinese tech stocks reversed their gains on Thursday after hitting multi-year highs, as the momentum from AI-driven investments slowed. Traders capitalized on profits, while renewed concerns about China’s economic challenges weighed on sentiment.
Shares of major internet firms gave up some of their early gains. Alibaba ended the day 2.6% higher after briefly reaching a three-year high. This followed an announcement from Chairman Joe Tsai that the e-commerce giant would collaborate with Apple to integrate AI into iPhones sold in China.
Baidu finished 5.7% higher but had surged as much as 12% earlier in the session. The boost came after the company revealed plans to make its AI chatbot, Ernie Bot, freely available starting April 1.
Mainland Chinese markets also weakened, with the CSI300 Index and the Shanghai Composite Index both slipping by approximately 0.4%, pulling back from their highest levels of the year.
According to analysts at Morgan Stanley, technological advancements alone cannot address China's structural economic imbalances or cyclical deflationary pressures. They noted that during the current policy lull leading up to the National People’s Congress in March, concerns about economic slowdown could limit broad market gains.
Despite the day's losses, Hong Kong’s stock market remains the best performer among major regional markets this year, gaining 8.8%. This growth has been largely driven by a rally in the tech sector, sparked by DeepSeek's advancements and China’s market stabilization efforts last month.
DeepMind founder Demis Hassabis called on Britain to harness its strengths—such as world-class universities and top-tier talent—to shape how artificial intelligence is deployed globally.
The Nvidia’s annual software developer conference this week, CEO Jensen Huang is set to defend the company’s leading position in the AI chip market amid growing competition and cost pressures on its largest customers.
Google is reportedly preparing to collaborate with Taiwan’s MediaTek on the next generation of its AI chips—its Tensor Processing Units—set to be produced next year, according to a report by Information citing people involved in the project.
The Republican-led House Judiciary Committee, led by Representative Jim Jordan, has issued subpoenas to 16 tech companies involved in artificial intelligence to probe allegations that the Biden administration pressured private firms to moderate content, curb "harmful bias,"
Chinese search engine giant Baidu has launched two updated AI models—Ernie 4.5 and Ernie X1—in a bid to bolster its competitive edge in the artificial intelligence market.
Ukrainian President Volodymyr Zelenskyy revealed that a 3,000-kilometer-range drone successfully passed testing. He also expressed satisfaction with the strike results of Ukrainian missiles, particularly the long-range Neptune.
Ukrainian President Volodymyr Zelenskyy held a telephone conversation with French President Emmanuel Macron to coordinate positions ahead of the upcoming conversation between US President Donald Trump and Russian President Vladimir Putin.
Paris police began a large-scale eviction of over 400 migrants from the Gaîté Lyrique theatre early Tuesday, ending their three-month occupation. Officers moved in before dawn as demonstrators gathered in protest.
The Rwanda-backed M23 armed group announced Monday that it will withdraw from peace talks scheduled for Tuesday in Angola. The rebels had planned direct negotiations with the Democratic Republic of Congo's government to resolve the conflict in the country's east.
Ukrainian air defenses have successfully destroyed 63 Russian-launched drones during an overnight strike, showcasing the country's continued ability to protect its skies amid ongoing aerial attacks.
The inside of a Herculaneum delicate & ancient scroll, unseen for nearly 2,000 years, has been revealed using Artificial Intelligence.
World leaders welcomed the 30-day ceasefire proposal that Ukraine has agreed to, calling it a step toward ending the conflict with Russia.
Regarding the Armenia-Azerbaijan process, we cannot forget the years of occupation, and we will not forget them, President Ilham Aliyev said in his speech at the opening ceremony of the 12th Global Baku Forum.
President Donald Trump has vowed to respond to the European Union's counter-tariffs, escalating tensions over the U.S. steel and aluminum duties that have sparked a trade dispute between the two economic powers.
In Tuesday’s closely watched parliamentary election, Greenland’s pro-business opposition Demokraatit party took a commanding lead after over 90% of the ballots were counted.
Russian President Vladimir Putin has given a U.S. hedge fund permission to buy securities in Russian companies from certain foreign stakeholders and authorised their future sale to two Russian funds, a presidential decree showed on Monday.
Uzbekistan has announced the sale of state shares in three major automotive companies as part of its ongoing privatization efforts.
The National Bank of Kazakhstan is launching the Gold Coin project, a digital version of an investment coin, beginning on March 17, 2025.
Apple’s iPhone, along with other foreign-branded smartphones, saw a sharp 21% decline in shipments in China this January. Economic shifts and rising competition from local brands are reshaping the market, putting pressure on international players like Apple.
Uludağ, one of Türkiye’s oldest and largest soft drink brands, will receive a €25 million loan from the European Bank for Reconstruction and Development (EBRD) to finance investments in production lines and renewable energy capacity.
Ukrainian President Volodymyr Zelenskyy revealed that a 3,000-kilometer-range drone successfully passed testing. He also expressed satisfaction with the strike results of Ukrainian missiles, particularly the long-range Neptune.
Ukrainian President Volodymyr Zelenskyy held a telephone conversation with French President Emmanuel Macron to coordinate positions ahead of the upcoming conversation between US President Donald Trump and Russian President Vladimir Putin.
Paris police began a large-scale eviction of over 400 migrants from the Gaîté Lyrique theatre early Tuesday, ending their three-month occupation. Officers moved in before dawn as demonstrators gathered in protest.
The Rwanda-backed M23 armed group announced Monday that it will withdraw from peace talks scheduled for Tuesday in Angola. The rebels had planned direct negotiations with the Democratic Republic of Congo's government to resolve the conflict in the country's east.
Ukrainian air defenses have successfully destroyed 63 Russian-launched drones during an overnight strike, showcasing the country's continued ability to protect its skies amid ongoing aerial attacks.
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