US Stock Market Move | Nasdaq China Golden Dragon Index fell more than 2%, popular Chinese concept stocks generally declined.

On Monday, the NASDAQ China Golden Dragon Index fell over 2%, popular Chinese concept stocks generally dropped, Fangdd Network Group Ltd Sponsored ADR Class A (DUO.US) fell over 5%, KE Holdings, Inc. Sponsored ADR Class A (BEKE.US), UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR.US) fell over 4%, Alibaba Group Holding Limited Sponsored ADR (BABA.US), Li Auto, Inc. Sponsored ADR Class A (LI.US) fell over 3%. In terms of news, Goldman Sachs Group, Inc. pointed out that as Chinese stock valuations approach rational targets, it is expected that the bull market will slow down. In the coming weeks, with the U.S.-China policies and GEO Group Inc. political agendas becoming active again, profit taking pressure is evident. The bank stated that the valuation premium between U.S. and Chinese tech stocks has narrowed from 152% at the beginning of the year to 71% now, indicating that in China, constructive artificial intelligence stories have been better priced, and improved profitability and earnings upgrades may be necessary conditions to drive further growth in the artificial intelligence technology sector.