World News
China Bets on AI Stocks as It Races Against US for Chip, Tech Dominance
Key Points
The Big Take China Unleashes $28 Trillion Capital Markets to Challenge US in AI The strategy marks a break from Beijing’s reliance on subsidies and state funding. Even by the frothy standards of the AI era, CXMT Corp.’s trading debut in Shanghai last month was extraordinary.
The Big Take
China Unleashes $28 Trillion Capital Markets to Challenge US in AI
The strategy marks a break from Beijing’s reliance on subsidies and state funding.
Even by the frothy standards of the AI era, CXMT Corp.’s trading debut in Shanghai last month was extraordinary.
Within a few hours, the memory chip maker — seen as Beijing’s best hope of reducing reliance on foreign suppliers and challenging the US in AI — surged more than 500% to become the most valuable stock in mainland China, eclipsing Industrial and Commercial Bank of China Ltd., which held the top spot for years.