finance
State-owned funds buy $9 billion in shares after AI tech sell-off
Chinese state-owned funds purchased shares valued at $9 billion to support domestic markets. The purchases followed a sharp decline in AI-related technology stocks last week.
Jul 20, 2:54 AM·1m read1 source
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State-owned funds announced purchases of shares worth $9 billion to support the domestic stock market. The move came after a sharp decline in AI-related technology stocks last week. The funds are commonly referred to as China's "national team" of state-backed investors. Officials said the purchases aim to stabilize trading activity.
The sell-off in AI technology shares occurred during the previous week. State-owned funds have intervened in equity markets during prior periods of volatility. The latest purchases represent the most recent effort by government-linked entities to provide support during market declines.
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