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AICoin AI: Chinese Tech Stocks Hit 2021 Highs Fueled by AI Boom and Government Backing
AICoin AI: Chinese Tech Stocks Hit 2021 Highs Fueled by AI Boom and Government Backing
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AICoin AI News - Hang Seng's tech index surged 0.9% on Thursday, marking an eight-week winning streak—the longest since its inception. The rally reflects growing investor confidence in China's AI sector, with Alibaba and Baidu leading the charge. Alibaba's pledge to build a trillion-yuan AI ecosystem within three years fueled a 3.5% stock jump, while Baidu gained 4% ahead of a flagship product launch. Government policies and strategic alliances have further accelerated the boom. "AI Optimism is surely one factor with Ali," noted Vey-Sern Ling of Union Bancaire Privee. The sector's resurgence underscores China's aggressive positioning in global tech dominance, blending state backing with private innovation.
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