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China’s stock market sheds $2.4 trillion amid AI concerns
China’s stock market has shed $2.4 trillion in value since May, per Bloomberg, as investors grow concerned about the future of artificial intelligence and rivalry with the U.S. The STAR 50 Index, which follows tech and innovation firms listed on the Shanghai exchange, has dropped 40% since June. Other key indices have also fallen roughly 20% during that time. According to Goldman Sachs, AI-related stocks make up over 40% of the total market capitalization in China and Hong Kong. Factors contributing to the downturn include sluggish consumer demand and challenges in achieving profitability…
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