Chinese Stocks Head for Worst Month in 10 Years as AI Sell-Off Erases $34 Billion
Updated
Updated · Financial Times · Jul 30
Chinese Stocks Head for Worst Month in 10 Years as AI Sell-Off Erases $34 Billion
3 articles · Updated · Financial Times · Jul 30
Summary
China’s CSI 300 fell 1.1% on Thursday and is down 8.6% for July, putting mainland stocks on course for their biggest monthly drop since January 2016.
AI-linked shares led the slide after weaker-than-expected US tech earnings hit confidence in data-centre demand; China’s CSI AI index dropped 5.8%.
Innolight, Eoptolink and Cambricon lost about $34 billion in combined market value, while Innolight’s Hong Kong shares fell as much as 10% on their secondary-listing debut.
The rout marks a sharp reversal from Monday’s CXMT IPO surge, when the chipmaker jumped 466% and state-backed buying helped prop up Chinese indexes.
The sell-off also mirrors a broader regional unwind in AI trades, underscoring how closely Chinese AI stocks are tracking global tech sentiment.