Hong Kong stocks sank in early trade ​on Thursday, as tech earnings optimism provided only fleeting support amid lingering concerns over AI ‌and uncertainty in the Gulf.

The Hang Seng Index dropped 2.1%, while the Hang Seng Technology Index fell 3.3%.

As for the star stocks, Z.AI, MiniMax, Lenovo, and Alibaba fell 6%; CATL and NetEase fell 5%; XPeng, Li Auto, and SMIC fell 4%; JD.com, Bilibili, Xiaomi, BYD, Kuaishou, and Meituan fell 3%; Tencent and Baidu fell 2%.

US stock futures, the S&P 500 e-minis, were down 0.4% at 7,765.8. ​Overnight, the tech-heavy Nasdaq led Wall Street to a higher close as better-than-expected earnings ⁠reports from market heavyweights helped ease some concerns over the sustainability and profitability of massive AI build-outs.

Space ​X posted its first profit as a public company, Meta reported third-quarter revenue that beat expectations, while AI ​server maker Super Micro forecast quarterly revenue and profit margin that both topped estimates.

However, Meta's plan to issue non-voting Class C common stock drew renewed scrutiny on AI spending.

"There's a lot of noise out there at the moment and investors are still ​digesting this morning's results," said Kyle Rodda, senior financial market analyst at Capital.com.

"Also, we're really only at ​the start of the meaty part of earnings season, which is coming at the same time that investors are ‌tackling the ⁠uncertainty from an upcoming Fed decision, geopolitical risks, and US mid-terms."