Hong Kong Ai-linked Stocks Plunge on AI Spending Concerns

Dow Jones13:38

0538 GMT - Hong Kong's artificial-intelligence-related equities suffered heavy losses Friday, leading losses on the market's tech-stock index in afternoon trade. Shares of Z.AI, better known as Zhipu AI, plunged more than 26%, its biggest percentage fall since its listing earlier this year. MiniMax Group dropped 14%, while chip companies Semiconductor Manufacturing International Co. and Hua Hong Grace Semiconductor fell 9.4% and 11%, respectively. The selloffs were likely sparked by investor jitters over high levels of AI spending, which had weighed on U.S.-listed tech companies overnight. Strong earnings from semiconductor-linked companies ASML and Taiwan Semiconductor Manufacturing Co. weren't enough to lift the wider U.S. chip sector after Thursday's tumbles by Samsung Electronics and SK Hynix, says XM analyst Raffi Boyadjian in commentary. (megan.cheah@wsj.com)

(END) Dow Jones Newswires

July 17, 2026 01:38 ET (05:38 GMT)

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Shares of Z.AI, better known as Zhipu AI, plunged more than 26%, its biggest percentage fall since its listing earlier this year. MiniMax Group dropped 14%, while chip companies Semiconductor Manufacturing International Co. and Hua Hong Grace Semiconductor fell 9.4% and 11%, respectively. The selloffs were likely sparked by investor jitters over high levels of AI spending, which had weighed on U.S.-listed tech companies overnight. Strong earnings from semiconductor-linked companies ASML and Taiwan Semiconductor Manufacturing Co. weren't enough to lift the wider U.S. chip sector after Thursday's tumbles by Samsung Electronics and SK Hynix, says XM analyst Raffi Boyadjian in commentary. 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