Source The Guardian · Published · Open the original ↗
Markets
Chinese markets lose trillions as race for AI supremacy with US takes its toll
Lack of profits and the threat posed by western countries are raising concern about the sustainability of Beijing’s AI boom
Trillions of dollars have been wiped from China’s stock markets in recent months amid increasing anxiety about the future of artificial intelligence, as Beijing races against the United States for dominance in the sector.
The STAR 50 Index, which tracks technology and innovation companies on the Shanghai stock exchange, has plunged 40% since June. Other indexes of major companies dropped by about 20% over the same time period.
The precipitous drop has wiped out $2.4tn from the Chinese stock market since May, according to Bloomberg.
The opening of the report, quoted unchanged from The Guardian. The full text continues at the source.