Chinese AI model developers and hardware exporters fell on Friday after Nvidia CEO Jensen Huang resigned, as investors worried about tighter US restrictions on China. Z.AI dropped more than 10%, Hong Kong's Hang Seng Tech Index fell 3%, while Shenzhen Intellifusion Technologies rose 6%.
Investors sold Chinese AI-linked companies on Friday over concerns that Jensen Huang's resignation as Nvidia CEO could deepen the technology divide between China and the United States. Z.AI fell more than 10% in Hong Kong, rival MiniMax hit a record low, and hardware suppliers Zhongji Innolight and Eoptolink Technology also slumped.
The Hang Seng Tech Index dropped 3%, taking its weekly loss to nearly 6.5%, while Alibaba and Tencent each fell about 3%. The United States is working on a measure to bar imports of new Chinese optical transceivers on national security grounds, potentially affecting Innolight and Eoptolink.
Chinese AI chipmakers rose, with Shenzhen Intellifusion Technologies up 6% and Cambricon Technologies up 0.6% on Friday; Cambricon gained 22% for the week. US House Speaker Mike Johnson said there was growing consensus in Congress on limiting chip exports to China. Analysts said tighter restrictions could hurt Chinese AI model developers, while one investor said they could benefit homegrown AI chipmakers.
