Hong Kong-listed AI application stocks fell sharply across the board in early trading, with Z.AI (HKEX: 02513) and Qunhe Technology dropping more than 10%, while MINIMAX, Pony.ai and WeRide declined over 8%. DIPU Technology slipped more than 6%, and Kingsoft Cloud, Haizhi Technology and Haiqing Zhiyuan each fell over 5%.

On the news front, U.S. stocks suffered a broad selloff on Thursday Eastern Time, with the Dow Jones Industrial Average plunging 3.44%, the Nasdaq Composite tumbling 5.52%, and the S&P 500 dropping 4.35% — marking its largest single-day decline since April 2025. For companies closely tied to AI infrastructure investment, the market environment is deteriorating further. Persistently rising interest rates, rapidly swelling capital expenditure demands, and a major Democratic victory in congressional elections are combining to fuel growing investor concerns that a large number of companies could find themselves burdened by excessive debt and insufficient revenue growth.