北证50指数低开高走，现涨超1%。

Hong Kong’s Hang Seng Index fell 0.7% and the Hang Seng Tech Index dropped 1.63%. AI application stocks led declines, with Zhipu down nearly 15% and MiniMax-W off more than 10%. Chipmakers broadly weakened, including Fudan Micro down over 7%, Hua Hong Semiconductor off more than 5% and SMIC down over 3%, while heavyweight tech names such as Xiaomi and Alibaba each fell more than 3%. Automakers outperformed, with Chery Auto surging over 15%, Geely Auto up more than 8% and Great Wall Motor gaining over 7%.

OpenAI shares are losing appeal on the secondary market, with sellers struggling to offload about $600 million in stock as demand dries up. Investors are shifting toward rival Anthropic, where buyers have roughly $2 billion ready to deploy. The valuation gap—OpenAI at $852 billion versus Anthropic at $380 billion—is driving the pivot, as investors see better near-term upside in Anthropic.