Global technology equities extended their recent run, lifting U.S. megacap indices by over 3% this week and sending major Chinese ADRs sharply higher. Positive sentiment around AI developments and renewed risk appetite among investors underpinned the broad-based rally in tech names.

Alibaba shares rose 11.3% over the past five trading days, while Baidu climbed 10.8%, marking their best weekly performances since early Q1. Both companies outpaced the Nasdaq and Hang Seng Tech Index, driven by optimism around cloud revenue and AI product rollouts.

Tencent doubled its AI investment year-over-year, increasing spending on cloud infrastructure and advanced research, yet warned that elevated costs will weigh on margins. The company anticipates its next quarter earnings growth will slow from recent highs as it balances innovation spending against profitability targets.