China’s ChangXin Memory Technologies (CXMT) exploded onto the Shanghai STAR Market with a first-day surge of up to 471% on July 27, briefly surpassing Industrial and Commercial Bank of China (ICBC) to become the mainland’s most valuable listed company and momentarily topping Intel’s market capitalization.
As the US and China compete for AI dominance, energy is emerging as the critical battleground, and China’s more integrated approach to power, land, and permitting may deliver a durable structural edge for domestic AI buildouts.
Wall Street is at record highs. Beijing is deflating asset bubbles.
The South China Morning Post’s editorial board published a striking assessment on July 28: China’s open-source AI strategy is “unstoppable,” and Washington’s fear of China’s AI progress is evident in “tired accusations and threatening sanctions.”
Hong Kong’s exports surged 53.4% year-on-year in June to a record HK$641.1 billion (approximately US$81.7 billion), the sharpest monthly increase in 42 years, according to government data reported by the South China Morning Post.
Tencent is systematically reallocating its venture capital bets from legacy internet assets to China’s AI champions, frontier model makers, chip designers, and AI video platforms, according to a South China Morning Post analysis. The shift is not a pivot in the conventional sense: Tencent is not abandoning its core gaming and social businesses.
China’s Ministry of Commerce accused the United States of “AI hegemonism” on July 27, threatening “all necessary measures to firmly safeguard its legitimate rights and interests” in response to what it called unfounded allegations and double standards in AI policy.
China has started mass production of domestic immersion deep ultraviolet (DUV) lithography machines, a step that could reshape how its leading chipmakers navigate US-led export controls. A state-backed Shanghai company has begun building the tools, with first deliveries this year to Semiconductor Manufacturing International Corp.
Moonshot AI published the open weights for Kimi K3 on Hugging Face on July 27, eleven days after the model’s API debut. The release makes K3 the largest open-weight model publicly available to date, with 2.8 trillion total parameters and a 1 million-token context window.
