<div id="readability-page-1" class="page">A rebound in Hong Kong stocks hit a snag, with the benchmark closing lower as results from US chip giant Nvidia failed to rekindle confidence in the artificial intelligence trade. The Hang Seng Index dropped 1.4 per cent to 26,381.02 at the close on Thursday. The Hang Seng Tech Index slumped 2.9 per cent. On the mainland, the CSI 300 Index slid 0.2 per cent and the Shanghai Composite Index was little changed. Alibaba Group Holding declined 3.2 per cent to HK$143.60 and Tencent Holdings fell 2 per cent to HK$512. Meituan lost 2.7 per cent to HK$80.45 and JD.com retreated 2.6 per cent to HK$104. Bucking the downtrend, Hong Kong Exchanges and Clearing rose 0.8 per cent to HK$415.40 after posting a 38 per cent profit increase last year. CK Infrastructure Holdings added 4.5 per cent to HK$67, Power Assets Holdings rallied 3.8 per cent to HK$63.60 and CK Asset Holdings gained 3 per cent to HK$48.06 after agreeing to sell all of its interest in a UK power distributor for £10.5 billion (US$14.2 billion). Revenue for Nvidia, at the centre of the global AI frenzy, beat the consensus estimate but fell short of the most bullish projections of more than US$80 billion, sending its shares lower in after-hours trading. The US chipmaker reported a 73 per cent jump in quarterly revenue to US$68.1 billion for the three months ended January. That compared with the consensus estimate of US$65.8 billion. “The market is no longer pricing growth. It is pricing perpetuity,” said Stephen Innes, managing partner at SPI Asset Management. “When a company becomes the physical backbone of an industrial revolution, expectations detach from gravity. Investors are not asking whether revenue is growing. They are asking whether this growth can compound at escape velocity indefinitely.” The muted reaction to Nvidia’s resilient earnings underscored a cooling of the AI mania globally and a rapid shift in the narrative that had driven up valuations of tech stocks. As the AI scare trade unfolds, investors have fretted over the impact on established industries and questioned the durability of massive investments in data centres. Other major Asian markets all closed higher. Japan’s Nikkei 225 climbed 0.3 per cent, while South Korea’s Kospi surged 3.7 per cent and Australia’s S&amp;P/ASX 200 added 0.5 per cent.</div>

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<p>Hong Kong stocks fell as Nvidia's earnings failed to boost AI confidence, with the Hang Seng Index down 1.4% to 26,381.02. The Hang Seng Tech Index dropped 2.9%. Major companies like Alibaba and Tencent saw declines, while Hong Kong Exchanges and Clearing rose 0.8% after a profit increase. Nvidia reported a 73% revenue jump to $68.1 billion, but missed bullish projections, indicating a cooling AI market. Other Asian markets closed higher, with Japan's Nikkei up 0.3% and South Korea's Kospi up 3.7%.</p>

南华早报

Tencent Holdings Limited

Hang Seng Index

Hang Seng TECH Index

HKEX

Hong Kong Exchanges and Clearing (HKEX)

SPDR S&P Semicon

VanEck Gold Miners ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Guotai CES Semiconductor Chip Industry ETF

VanEck Semiconductor ETF

T-Rex 2X Long NVIDIA Daily Target ETF

GraniteShares 2x Long NVDA Daily ETF

Direxion Daily NVDA Bull 2X Shares

KraneShares 2x Long BABA Daily ETF

BABA 2x Long Daily ETF - GraniteShares

CSOP HS TECH

VanEck Junior Gold Miners ETF

Direxion Semicon Bull 3X

TENCENT

Alibaba

BABA-W

NVIDIA

Hong Kong stocks retreat as Nvidia earnings fail to sustain AI momentum