Technology Shares Fall on Valuation Concerns

Dow Jones07-18 05:39

Shares of technology companies fell as investors worried about valuation among chip makers.

China's Moonshot AI has launched an artificial-intelligence model it says outperforms some cutting-edge U.S. systems, the latest sign that Chinese labs can rival American counterparts in critical technology frontiers. Moonshot said that it planned to fully open-source the model, called Kimi K3, by late this month, where people will be generally free to download and adapt.

Apple got an upgrade from HSBC. "We think Apple is now at an operational turning point: not only can the company stay away from the (too) high capex debate - it only invests 2.5% of its 2026e sales vs 39% for hyperscalers - we think it is also well placed to leverage its 2.5bn installed device base with its forthcoming revamped Apple Intelligence," the analysts said. HSBC raised Apple to buy from hold and boosted the target price to $366 from $260. "This AI boost comes at the right moment, when we think Apple has one of its most innovative product pipelines in place," the analysts added.

Apple momentarily edged out Nvidia to reclaim its title as the most valuable publicly traded company in the U.S. Apple's market capitalization hit $4.91 trillion Friday, with Nvidia right behind at $4.83 trillion in early-morning trade, before the tech giants flipped back again in midday trade.

Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

July 17, 2026 17:39 ET (21:39 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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Moonshot said that it planned to fully open-source the model, called Kimi K3, by late this month, where people will be generally free to download and adapt. \n</p>\n<p>\n  Apple got an upgrade from <a href=\"https://laohu8.com/S/HSBC\">HSBC</a>. \"We think Apple is now at an operational turning point: not only can the company stay away from the (too) high capex debate - it only invests 2.5% of its 2026e sales vs 39% for hyperscalers - we think it is also well placed to leverage its 2.5bn installed device base with its forthcoming revamped Apple Intelligence,\" the analysts said. 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Moonshot said that it planned to fully open-source the model, called Kimi K3, by late this month, where people will be generally free to download and adapt. \n\n\n  Apple got an upgrade from HSBC. \"We think Apple is now at an operational turning point: not only can the company stay away from the (too) high capex debate - it only invests 2.5% of its 2026e sales vs 39% for hyperscalers - we think it is also well placed to leverage its 2.5bn installed device base with its forthcoming revamped Apple Intelligence,\" the analysts said. 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