DeepSeek has boosted the faith of rich Chinese investors in tech stocks: StanChart banker
A recent correction in technology stocks is unlikely to dent Chinese investors' buying interest due to their belief in the companies' long-term prospects and Beijing's vision for the sector, according to a senior
Standard Chartered executive.
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Judy Hsu, CEO for wealth and retail banking, told the Post that high-net-worth individuals in mainland China had faith in the potential of tech firms ranging from artificial intelligence (AI) start-ups to information technology infrastructure builders despite talks about their frothy valuations.
'The AI boom in China has just started,' she said on Thursday. 'Investors chasing long-term returns are convinced that the market will continue to rise.'
She was referring to the emergence of
Chinese AI firm DeepSeek , which sparked a rally in tech stocks trading in Hong Kong and on the mainland since late January before profit-taking set in last week.
DeepSeek's two powerful new large language models sparked a bull run in tech stocks in Hong Kong. Photo: Reuters
DeepSeek released two powerful new large language models built at a fraction of the cost and computing power used by foreign firms. Its performance proved to be on par with ChatGPT, the generative AI chatbot developed by global leader OpenAI.
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Chinese President Xi Jinping has also been urging integration of technology and industry to spur the world's second-largest economy with new productive forces.
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