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Yahoo
3 hours ago
- Business
- Yahoo
Chinese tech stocks take a hit amid trade deal uncertainty
-- Chinese tech shares listed in Hong Kong fell on Friday, with major companies like Alibaba (HK:9988), BYD (HK:1211), and Baidu (HK:9888) leading the downturn. Friday's drop fall in tech stocks comes amid renewed uncertainty about the prospects of a trade deal between Beijing and Washington. Alibaba shares dropped by 4.2%, while BYD and Baidu saw their shares fall by 3.8% and 3.9% respectively. The {{1164092|Hang Seng TECH}, similar to the Nasdaq, dropped as much as 2.7%. Investor concerns are on the rise amid a recent U.S. trade court ruling that blocked the tariffs imposed by former President Trump, which was quickly appealed. This ruling has introduced a new level of uncertainty into the market. Scott Bessent, the U.S. Treasury Secretary, described the U.S-China talks as "a bit stalled", which could be impacting hopes of progress toward a bilateral deal. In an interview with Fox News on Thursday, Bessent stated that there might be a call between the U.S. President and the Chinese party chair Xi Jinping, due to the magnitude of the talks requiring both leaders to consult with each other. Bessent also noted that the court ruling had no impact on the ongoing negotiations with trading partners. ING's chief China economist, Lynn Song, commented on the situation, stating that it was "unfortunate but unsurprising" to hear that U.S.-China talks had stalled. She added that both sides are still far apart on various issues and there is little mutual trust between them, which is fueling investor concerns. Related articles Chinese tech stocks take a hit amid trade deal uncertainty Sanofi, Regeneron shares nosedive after mixed Itepekimab results Federal court pauses ruling blocking Trump's global tariffs Sign in to access your portfolio
Wall Street Journal
4 hours ago
- Business
- Wall Street Journal
Chinese Tech Stocks Fall Amid Renewed Pessimism About U.S.-China Trade Deal
Chinese tech shares fell Friday amid renewed pessimism about the prospects for a trade deal between Beijing and Washington. Shares of technology companies listed in Hong Kong were broadly lower, led by major players like Alibaba Group, which shed 4.2%. BYD dropped 3.8% and Baidu fell 3.9%, while the Nasdaq-like Hang Seng Tech Index dropped 2.7%.
Reuters
11 hours ago
- Business
- Reuters
Chinese tech companies prepare for AI future without Nvidia, FT reports
May 29 (Reuters) - China's biggest technology companies have begun the process of switching to homegrown chips as they contend with a dwindling stockpile of Nvidia (NVDA.O), opens new tab processors and tightening United States export controls, the Financial Times reported on Thursday. Alibaba ( opens new tab, Tencent ( opens new tab and Baidu ( opens new tab are among those starting to test alternative semiconductors to meet growing domestic demand for AI, the report said, citing industry executives. Reuters could not immediately confirm the report.
Economist
a day ago
- Business
- Economist
The contest to cash in on Chinese AI heats up
China's internet moguls are nothing if not fiercely competitive. Take, for instance, the jockeying for leadership in the market for cloud services. Baidu, the country's search giant, surprised industry watchers on May 21st when it revealed that revenue from its cloud-computing business in the first quarter had surged by 42%, year on year, blowing through analysts' predictions. The same day Tencent, maker of the WeChat super-app, hosted a cloud-computing conference at which the firm cut its prices and promised a big upgrade to its platform. The next day Alibaba, China's biggest e-commerce firm, told an audience at its own cloud-themed conference that it was expanding globally and that its services would soon be available in dozens of countries.
TimesLIVE
a day ago
- Automotive
- TimesLIVE
Chinese robotaxi makers head to a welcoming Gulf as overseas ambitions grow
If you're a Chinese robotaxi company, the Gulf has become the place to be, attractive for a regulatory environment that is embracing the technology and robust demand for ride-hailing services. Their enthusiasm has been evident in a flurry of recently announced expansion plans. This week, became the third Chinese robotaxi company after rivals Baidu and WeRide to unveil an agreement with Dubai's Roads and Transport Authority in the United Arab Emirates. It plans to start trialling its vehicles in the city this year with full driverless operations slated to start in 2026. WeRide also said this week it would be expanding into Saudi Arabia, where it has been testing its vehicles in cities like Riyadh, adding that it expects commercial services to start in late 2025. That follows its launch of fully driverless robotaxi trials in the UAE's Abu Dhabi this month with commercial rides due to be rolled out from the end of June. It also soon plans to launch in Dubai. Baidu outlined plans in March to deploy 'dozens' of robotaxis in partnership with UAE-based Autogo in Abu Dhabi with a goal to start commercial operations by 2026. It also aims to start trials in Dubai this year. The UAE 'is relatively open but they are also careful and pragmatic on details,' said Zhang Liang, a general manager in Baidu's autonomous driving unit Apollo, who oversees European and the Middle East markets. 'We are actually happy to see positive and active competition and we won't be afraid of such competition,' he said at the World New Energy Vehicle Congress in Abu Dhabi last week. Worried about worsening traffic congestion and a shortage of taxi and ride-hailing services that largely rely on migrant workers for their drivers, Dubai has set a goal of having 25% of its daily transportation be smart and driverless by 2030. Abu Dhabi's target is 25% of total trips by 2040 while Saudi Arabia is aiming for 15% by 2030. 'Middle East and this kind of market, they already have the infrastructure, they have the capital, they have the ambition, which is very important. So that's why everybody is queuing up here,' said Thaha Muhammed Abdul Kareem, a Qatar-based independent consultant. Both and WeRide have partnered with Uber in the region so their vehicles can be ordered through the Uber app.
