The STAR 50 Index, which tracks China’s leading technology and semiconductor names, has fallen approximately 30% since the end of June, heading for its worst quarterly performance in recent memory. In July alone, a brutal selloff erased more than 28% of the index’s value, immediately after a nearly 75% rally over the prior three months. Among the hardest-hit names, Biwin Storage Technology and Moore Threads Technology saw their share prices collapse by more than 40%. The CSI 300 Index, China’s broader blue-chip benchmark, fell nearly 9 to 10% in July alone, marking its worst monthly performance since January 2016. Advances in open-source AI, including Moonshot’s Kimi K3 model, have started to undercut the assumption that AI leadership requires premium hardware, weakening the investment case for high-end semiconductor companies.
Source: Read the original article
