US Stock Market Move | Popular Chinese concept stocks mostly fell. KE Holdings, Inc. Sponsored ADR Class A (BEKE.US) fell by nearly 6%.

On Thursday, the Nasdaq Golden Dragon China Index fell more than 2%, with most popular Chinese concept stocks declining. KE Holdings, Inc. Sponsored ADR Class A (BEKE.US) dropped nearly 6%, Li Auto, Inc. Sponsored ADR Class A (LI.US), and XPeng, Inc. ADR Sponsored Class A (XPEV.US) both fell over 4%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) dropped over 3%, and New Oriental Education & Technology Group, Inc. Sponsored ADR (EDU.US) dropped over 2%. In addition, the closing of the Hang Seng Tech Index plummeted by 2.87% today, hitting a new low since July last year, a decrease of over 23% from its peak in October last year. The Hang Seng Index and the state-owned enterprise index both declined by 1.44% and 2.44% respectively. UBS Group AG analysts believe that concerns about artificial intelligence have created a buying opportunity. The capital expenditure of Chinese tech giants is currently much lower than their American counterparts, and it is expected that local mega-scale cloud service providers will announce expansion plans in the coming financial reporting season.