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.
UN chief António Guterres has urged swift global action on AI governance, calling for the immediate creation of an independent scientific panel. Speaking at the 3rd AI Summit in Paris, he stressed the need for a unified approach to AI regulation to ensure it serves humanity’s best interests.
China has integrated DeepSeek AI to boost efficiency, automating 60% of administrative tasks and improving public services. The AI system enhances decision-making, reduces congestion, speeds up project evaluations, and cuts costs, aligning with China’s digital transformation goals.
PARIS, Feb 10 (Reuters) – World leaders and tech CEOs are meeting in Paris to discuss AI regulation and innovation. With the U.S. easing AI rules under President Trump and China advancing its AI capabilities, pressure is mounting on the EU to adopt a flexible approach to its AI Act.
France and the United Arab Emirates reached an agreement on Thursday (February 6) for a framework.
Google has launched its latest AI models, including the flagship Gemini 2.0 Pro Experimental and Gemini 2.0 Flash Thinking, as it seeks to strengthen its position in the competitive AI market.
Estonia’s navy is ready to act against ships threatening Baltic Sea infrastructure, even in international waters, a senior official said Thursday.
Ukrainian President Zelenskyy insists Ukraine must be involved in any peace negotiations with Russia, rejecting bilateral talks between Moscow and Washington without Kyiv's participation.
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.
Tajikistan and Kyrgyzstan are close to finalizing their border agreement, with only technical issues remaining. The deal aims to resolve long-standing disputes over roads, water resources, and territorial claims.
Kazakhstan’s parliament is debating a proposed foreign agent law that would require media and NGOs receiving foreign funding to disclose their sources, sparking controversy over transparency and influence.
The Sarandí stream in Buenos Aires, Argentina, turned bright red on Thursday for unknown reasons, raising concerns among authorities and residents. The waterway, which flows into the Río de la Plata, is under investigation to determine the cause.
Elon Musk has called for the shutdown of Radio Free Europe/Radio Liberty (RFE/RL) and Voice of America (VOA), arguing that the U.S.-funded media outlets serve as government propaganda tools and waste taxpayer money.
Apple is reportedly working on a version of AirPods Pro with integrated cameras, set to launch as early as 2027, according to Bloomberg’s Mark Gurman. While the cameras won’t be featured in the upcoming AirPods Pro 3, the new tech aims to enhance AI-driven features and spatial audio integration.
Public sector strikes are causing major disruptions across Germany, including halted public transport in Frankfurt, as workers demand higher pay and better conditions.
Oxford researchers unveil a scalable quantum supercomputer capable of quantum teleportation, paving the way for next-gen tech with enhanced security and computational power.
Nissan Motor Co. (7201.T) and Honda Motor Co. (7267.T) have formally ended discussions on a potential merger, a deal that would have created a $60 billion automotive giant. Despite this decision, both automakers confirmed they will continue to collaborate on electric vehicle (EV) technology.
Russia may be forced to scale back oil production in the coming months as U.S. sanctions limit tanker access and Ukrainian drone attacks damage key refineries, industry sources say.
Addis Ababa will host the Africa Business Forum on 17 February 2025, on the margins of the session of African Union’s Assembly of heads of state and government. Forum’s theme is “From Potential to Prosperity: Activating Africa’s Regional Value Chains.”
OpenAI plans to finalise its first custom AI chip, aiming for production by 2026, reducing reliance on Nvidia.
Estonia’s navy is ready to act against ships threatening Baltic Sea infrastructure, even in international waters, a senior official said Thursday.
Ukrainian President Zelenskyy insists Ukraine must be involved in any peace negotiations with Russia, rejecting bilateral talks between Moscow and Washington without Kyiv's participation.
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.
Tajikistan and Kyrgyzstan are close to finalizing their border agreement, with only technical issues remaining. The deal aims to resolve long-standing disputes over roads, water resources, and territorial claims.
Kazakhstan’s parliament is debating a proposed foreign agent law that would require media and NGOs receiving foreign funding to disclose their sources, sparking controversy over transparency and influence.
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