BABA, TCEHY: Why Are Chinese Tech Stocks Climbing Today?
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Chinese tech stocks, including Alibaba (BABA) and Tencent (TCEHY), rose after Beijing approved the purchase of over 400,000 Nvidia H200 AI chips by major internet companies. While the approvals are seen as a positive sign for tech firms investing in AI, they come with conditions that are still being determined. The H200 chips are crucial for training AI models, and despite China's push for domestic chip reliance, limited imports are allowed to support AI development.
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