GDS Holdings Ltd, a leading Chinese data center operator, saw its stock soar 10.74% in pre-market trading on Thursday. This significant rally followed a 6.50% surge in the company's shares on the Hong Kong market a day earlier.
The upbeat sentiment surrounding GDS Holdings Ltd is driven by growing optimism over the prospects of artificial intelligence (AI) adoption in China and its potential impact on data center demand. Recent developments, such as President Xi Jinping's meeting with tech leaders and the emergence of the AI chatbot DeepSeek, have fueled interest in Chinese tech firms investing in AI technologies.
Analysts at Citigroup have upgraded GDS Holdings Ltd and raised their price target, citing expectations of increasing AI data center-related spending from major Chinese cloud service providers. The brokerage firm believes that the AI capital expenditure up-cycle is in its early stages, and GDS Holdings Ltd is well-positioned to benefit as a leading data center operator serving domestic tech giants.
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