AI Hardware Stocks Plunge 53% in July as Capital Rotates to Hong Kong Tech Giants; Xiaomi Soars 46%

According to BlockBeats, over the past month through July 29, AI hardware stocks have experienced sharp declines amid market concerns over capital expenditure returns, valuation compression, and Chinese supply chain competition. Key performers include SK Hynix down 53%, SanDisk down 47%, Intel down 34%, Samsung Electronics down 32%, and Micron Technology down 28%. Meanwhile, Hong Kong-listed technology platforms gained significantly: Xiaomi up 46%, Meituan up 36%, JD.com up 28%, Alibaba up 22%, and Tencent up 11%. According to Morgan Stanley data, southbound capital inflows to Hong Kong stocks reached $16 billion for July 16-22, with cumulative July inflows of $111 billion. In contrast, foreign investors sold 12.1 trillion Korean won on KOSPI in mid-July, reflecting a market rotation from semiconductor plays toward established internet leaders and dividend stocks.
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