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Benzinga
Benzinga
Business
Anusuya Lahiri

China's Tech Stocks Surge As AI Spending Accelerates

Li Alibaba NIO PDD China BABA JD Baidu Xpeng Jack Ma
Beijing,,China,-,Aug,28,,2023:,Baidu,Logo,Is,Seen

Chinese technology stocks rallied on Wednesday as growing bets on artificial intelligence lifted investor sentiment. Shares of Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU), JD.com (NASDAQ:JD), PDD (NASDAQ:PDD), NIO (NYSE:NIO), Li Auto (NASDAQ:LI), and XPeng (NYSE:XPEV) all advanced, underscoring renewed confidence in China’s tech and electric vehicle sectors.

Charu Chanana, chief investment strategist at Saxo Markets, told Bloomberg that Chinese tech leaders are ramping up AI spending and product launches, from models to robotaxis and in-house chips, demonstrating they can monetize AI faster than expected.

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