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Michael Pettis: Caixin sees divergence in AI infrastructure performance and technology stock valuations

Michael Pettis: Caixin sees divergence in AI infrastructure performance and technology stock valuations
AI infrastructure outpaces technology stock values

A divergence has emerged between robust financial performance and falling valuations in the technology sector, which Caixin attributes to broader market jitters over the return on investment in AI infrastructure and has triggered a sell-off in technology stocks even as domestic demand for computing power rises.

Michael Pettis shared Caixin's assessment, highlighting the contrast between financial metrics and market sentiment for AI infrastructure.

Pettis previously reported that China reduced its number of banks by nearly a quarter after more than 670 bank closures last year. He has also noted that China's rising debt is constraining the government's capacity for new economic stimulus. Both developments have contributed to concerns about financial sector stability and policy flexibility in China.

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