iQiyi Inc., a leading Chinese online entertainment platform, witnessed a surge of 5.9% in its stock price during Wednesday's pre-market trading session. This rally can be attributed to the growing bullishness of Wall Street strategists towards Chinese stocks, particularly those operating in the AI and technology sectors.
The recent breakthrough achieved by the Chinese AI startup DeepSeek has sparked a fundamental revaluation of China's technological prowess and market attractiveness. Major Wall Street firms, such as Morgan Stanley, JPMorgan Chase, UBS Group, and Goldman Sachs, now expect the stock gains spurred by DeepSeek's AI model to continue driving a broader bull run in Chinese equities.
Strategists at these firms have noted the positive fund flows into Chinese internet and tech names this year, fueled by the DeepSeek shock and the potential for AI-enabled efficiency improvements and growth prospects. They anticipate global investors will increasingly reassess China's investability in the tech and AI space, leading to sustained momentum and valuation uplifts for Chinese firms in the near term.
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