China's stock market hits highest level in a decade
China's stock market just reached its highest level in a decade, as excitement over new AI chip tech and a reported ban on NVIDIA chip purchases sent semiconductor stocks soaring.
The Shanghai Composite Index climbed to 3899.96—levels not seen since August 2015—with semiconductor shares up 6.3% and AI-related stocks gained more than 3%.
Huawei's AI boost and interest rate dynamics
Huawei added to the buzz by announcing its Atlas 950 computing node, set to launch in the fourth quarter of this year, which analysts suggest could give China's AI scene another big boost.
While the US cut interest rates, China kept its own steady, which analysts interpret as a sign of confidence in their approach.
Over in Hong Kong, the central bank adjusted its rate to 4.50%, and the Hang Seng briefly topped 27,000 points, with analysts noting growing optimism about Chinese markets.