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Barchart
Rich Asplund

Does the China Tech Stock Rally Have Legs?

China ETF Artificial Intelligence

The ongoing artificial intelligence (AI) frenzy has sparked a recovery in Chinese technology stocks. The Golden Dragon Invesco ETF (PGJ) is up +15% month-to-date, beating most global stock indexes and ETFs.  The Golden Dragon Invesco ETF has beaten the broader Nasdaq 100 Stock Index ($IUXX) (QQQ) for three consecutive weeks, the first time that has happened since January.  Some analysts believe the bullish momentum can continue.

Several factors are fueling the rally in Chinese technology stocks.  Chinese tech companies are seeing support from improving profit expectations, stronger-than-expected sales data following a key China shopping festival, and an easing of U.S.-China geopolitical tensions.  Finally, Chinese technology stocks are trading near the cheapest value relative to their U.S. peers in data going back to 2006.

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