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

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

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.

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