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06.11.202602:10:58UTC+00Hong Kong Stocks Slips on AI Sell-Off

The Hang Seng Index slipped 0.7%, or 181 points, to 24,612 on Friday, easing back after a 3.7% surge in the previous session that marked its strongest one-day advance in 21 months. Sentiment weakened as a sharp selloff in US technology stocks spilled over into Asian markets, amid mounting concerns about tougher regulatory scrutiny of the AI industry and the sustainability of massive investments in data centers and semiconductor infrastructure. The Nasdaq sank 5.5%, while the Philadelphia Semiconductor Index dropped 12.2%, erasing trillions of dollars in US equity market value. Profit-taking after Thursday’s steep rally added further pressure. Market worries over China’s AI supply chain were also exacerbated by reports that about 600,000 Nvidia H200 chips are currently being held in Hong Kong, pending Beijing’s approval for shipment to mainland China. Notable underperformers included Z.AI Co. (-11.8%), Tencent (-1.8%), MiniMax (-9.9%), SMIC (-4.5%), and Kingboard Laminates (-10.1%).

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