Hong Kong stocks advance on Amazon-OpenAI tech alliance despite Fed uncertainty

The Hang Seng Index advanced 0.2 per cent to 26,209.39 at the noon break, adding to the 1 per cent gain on Monday. The Hang Seng Tech Index fell 0.2 per cent. On the mainland, the CSI 300 Index slipped 0.4 per cent and the Shanghai Composite Index slid 0.2 per cent.

Technology firms led the rise. Search-engine Baidu surged 6.5 per cent to HK$126.20, while Chinese home-grown chipmaker SMIC jumped 1.4 per cent to HK$73.85. WeChat operator Tencent Holdings added 1.7 per cent to HK$638.50, and online travel-booking agency Trip.com advanced 0.5 per cent to HK$556.

Among major losers, electric-vehicle maker Li Auto tumbled 3 per cent to HK$78.45 and Zijin Mining Group lost 4.2 per cent to HK$30.38 on the recent pullback in gold prices. Sportswear producer Li Ning fell 1.7 per cent to HK$16.67 and peer Anta Sports Products also retreated 1.7 per cent to HK$80.

The surge among Hong Kong’s tech stocks mirrored an acceleration in US AI trade overnight. Amazon jumped 4 per cent to US$254 overnight in the US after OpenAI agreed to pay for access to hundreds of thousands of Nvidia GPUs under their US$38 billion partnership, while Microsoft struck a roughly US$9.7 billion deal to secure additional AI computing capacity from IREN.

The renewed wave of US mega-cap AI spending added fresh momentum to a theme that has driven global equities to record highs in recent months – and helped lift Hong Kong tech stocks despite lingering uncertainty over the Fed’s policy path.