Chinese AI Stocks Surge After Government Initiative
Chinese stock markets surged as investors focused on AI-related shares following a new government guideline encouraging AI adoption across sectors. The CSI300 and Shanghai Composite Index saw gains, with AI, cloud computing, and semiconductor stocks particularly showing strength amid the economic challenges.
In a boost for China's stock markets, shares surged on Wednesday, driven by strong interest in artificial intelligence-related stocks. This came after the government's release of a guideline to accelerate AI adoption across various sectors.
The CSI300 Index climbed by 0.7% by lunchtime, while the Shanghai Composite Index saw a 0.3% increase. Although the Hang Seng was largely flat, the Hang Seng Tech Index gained 0.6%.
The government's 'AI Plus' initiative aims to expand AI applications in technology and consumption. This sparked a rally in AI, cloud computing, and semiconductor stocks, with the CSI AI Index hitting a midday high, marking a 5.5% increase.
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