July 2 — Chinese A-share technology stocks plunged, led by semiconductors,
compute hardware and storage-chip sectors. ChiNext and the STAR Market Composite
fell 5.71% and 5.64% respectively. The move followed market reports that Meta is
offering compute capacity externally, which investors interpreted as evidence of
compute oversupply. Multiple industry sources said that reading is mistaken:
Meta’s sale does not signal an end to AI capex but reflects the maturation and
commercialization of AI infrastructure business models.
