China's stock market fell, with major indices hitting one-week lows. Tech stocks were broadly sold off amid concerns over semiconductor overcapacity and massive investment in AI infrastructure. The CSI 300 Index dropped 2.8%, the tech-heavy STAR 50 Index fell 6.3%, and the ChiNext Composite Index slid 7.4%. AI stocks declined 7.1% to a three-month low, while semiconductor shares lost 6.5%. Memory chip maker CXMT fell 4%, GigaDevice Semiconductor dropped 10%, and Cambricon Technologies slid 9.1%. Meanwhile, Hong Kong stocks rose on rotation into cheaper sectors, with the Hang Seng Tech Index gaining 0.6%.
GigaDevice Semiconductor(BeijiSemiconductor overcapacity concerns drive broad sell-off; GigaDevice drops 10%.
Semiconductor overcapacity concerns drive broad sell-off; CXMT falls 4%.