News
China's Stock Market Loses $2.4 Trillion Amid AI Doubts
China's mainland stock market has lost about $2.4 trillion in market value since May, as investors lose faith in AI companies' ability to turn a profit. The AI boom now accounts for 42% of the market value of Chinese shares listed on the mainland and in Hong Kong, and 57% of trading. The CSI 300 index entered a bear market on October 22, with the Shanghai STAR 50 index falling 40% in less than four months. The Nasdaq 100, a U.S. tech benchmark, has also been affected, with Bitcoin prices dropping by 24% over the past week.