Lower construction spending on data centers because of DeepSeek could negatively impact heavy equipment stocks like Caterpillar, JPMorgan said.

HONG KONG (AP) — Asian shares Friday were mixed, with Chinese technology stocks rising as most other Asian equities declined.

GOOGL's slide – its worst in more than a year – erased $184 billion in market cap, or more than the entire market value of Advanced Micro Devices. Bulls see the selloff as a buying opportunity. Analysts' consensus recommendation on the name stands at Buy, with high conviction, according to S&P Global Market Intelligence.

Chinese artificial intelligence startup DeepSeek rattled the U.S. technology sector after the company recently unveiled an AI model that is competitive with leading U.S. models b

The Hang Seng Tech Index, which tracks the 30 largest technology companies listed in the city, rose as much as 2.9% on Friday, reflecting a rise of more than 20% from its January low.

Beijing’s growing clout in the artificial intelligence space has sparked a wave of optimism toward Chinese tech shares, with a gauge approaching a technical bull market and brokers issuing upbeat calls.

The Hang Seng Tech Index gained 2.5% on Friday, with a total increase of more than 20% since January. It appears that DeepSeek’s hype has erased concerns of trade wars among Chinese investors, due to which China’s tech stocks in Hong Kong continue to surge.