Kingsoft Cloud Holdings Ltd (03896) surged 14.6% to HK$7.77, while GDS Holdings Ltd (09698) climbed 10.45% to HK$38.05, leading the advance among Hong Kong-listed AI concept stocks. Maike Holdings Ltd (02556) jumped 9.55% to HK$52.20, Alibaba Group Holding Ltd (09988) rose 5.18% to HK$111.60, Beijing Fourth Paradigm Technology Co Ltd (06682) increased 4.73% to HK$53.10, and Kingdee International Software Group Company Ltd (00268) advanced 4.25% to HK$16.20.

The rally followed NVIDIA founder and CEO Jensen Huang's July 15 announcement that the US government has approved H20 chip exports to China. Huang also revealed plans to launch the RTXpro GPU, a new graphics card specifically designed for computer graphics, digital twins, and artificial intelligence applications.

MinSheng Securities highlighted that a new global AI "arms race" has commenced, noting that major model releases including Grok4 and Kimi K2 could significantly boost domestic computing power demand and application ecosystems. The firm expressed optimism about domestic computing capabilities and AI application development. Separately, Huatai Securities observed recent upgrades and launches of multiple domestic models, citing Alibaba Tongyi Lab's open-source multimodal reasoning model HumanOmniV2 and MoonDark's official release of its Kimi K2 model on July 11. Both brokerages advised focusing on AI applications.