HK Stock Market Move | Chip stocks rallied in the afternoon, with HUA HONG SEMI (01347) rising more than 5%. JP Morgan said that the AI and semiconductor upcycle will extend until 2027.

Chip stocks rose in the afternoon, as of the time of writing, HUA HONG SEMI (01347) rose 5.78% to HK$78.75; Semiconductor Manufacturing International Corporation (00981) rose 2.32% to HK$74.95; ZTE Corporation (00763) rose 1.91% to HK$30.98; SHANGHAI FUDAN (01385) rose 1.27% to HK$41.44. In terms of news, media reports this afternoon revealed that Alibaba has secretly launched the "Qianwen" project, creating a personal AI assistant app named Qianwen based on the powerful Qwen model, directly competing with ChatGPT in the global AI application competition. Alibaba's core management team sees this as the "future battle of the AI era" and hopes to win the competition with Qwen's open source technology advantage. According to Tencent Technology, Alibaba has stated that it will not respond to this news at the moment. J.P. Morgan's latest research report states that despite continuing concerns about the AI bubble in the market, the AI-driven semiconductor upcycle is far from peaking, and its duration will extend beyond typical cyclical patterns and last until 2027, providing strong support for the performance of Asian tech stocks in 2026. The bank predicts that global semiconductor revenue will increase by 18% in 2026 and 11% in 2027.