Reuters reported that China's STAR 50 index, which contains AI and chip leaders, fell 40% in under four months, erasing about $480 billion in market value. Goldman Sachs data cited by 科技新報 said AI- and semiconductor-related stocks had accounted for 42% of market capitalization and 57% of trading volume in mainland and Hong Kong markets at peak enthusiasm. Reuters attributed the decline to concerns including inflated valuations, AI demand, taxes and restrictions affecting Chinese exports.