China stocks end higher on Nvidia-led AI hardware rally; Hong Kong lags
FXI•Mainland China stocks rise on Nvidia-driven AI optimism
Chinese stocks closed up on Thursday, as strong revenue projections from U.S. chip giant Nvidia boosted investor appetite for artificial intelligence and hardware-related shares, while Hong Kong shares ended lower.
China's blue-chip CSI300 Index .CSI300 ended 0.9% higher, while the Shanghai Composite Index .SSEC gained 1.1%. Hong Kong benchmark Hang Seng .HSI was down 0.3%.
Technology and hardware manufacturing shares led gains onshore. The 5G Communication Index .CSI931079 climbed 3.8%, while onshore artificial intelligence shares .CSI930713 rose 3.6%. The tech-focused STAR50 Index .STAR50 advanced 3.8%.
Broader tech sentiment was lifted after Nvidia NVDA.O on Wednesday forecast a 70% jump in annual revenue, underscoring unrelenting demand for artificial intelligence hardware even as it warned that memory component shortages would constrain growth.
Chip, materials and fiber names gain; Hong Kong tech lags
Chinese memory chip giant CXMT 688825.SS jumped 5.4%, while Shengyi Technology 600183.SS, a supplier of electronic base materials, surged 8.4%.
Optical fiber producers strengthened as well, with Yangtze Optical Fibre and Cable 601869.SS surging 10% to its daily maximum.
