In a note to clients, the bank attributed the sector’s rally to growing enthusiasm around China’s recent advancements in artificial intelligence and the government's emphasis on AI development at the National People's Congress. However, UBS now believes that investors have adequately priced in the upside potential for Chinese internet stocks, limiting further near-term gains.
“We no longer believe that markets underappreciate the potential for Chinese internet stocks” “At the same time, we see an increased risk of further tariff escalation between the U.S. and China, as key structural concerns remain unaddressed.”***
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