Shares of Semiconductor Manufacturing International Corp (SMIC), China's top chip manufacturer, soared 8.29% to HK$41.20 in early trading on Monday. This surge outperformed the broader Hang Seng Index, which fell 1.5% following the imposition of sweeping tariffs by U.S. President Donald Trump.
According to analysts at Morningstar, SMIC's recent strength can be attributed to government subsidies on domestic appliances. While acknowledging potential short-term volatility in demand, Morningstar expressed a bullish long-term outlook for SMIC, citing the wider adoption of artificial intelligence (AI) and sustainable AI investments as key drivers.
"With efficiency gains and wider adoption, we're bullish over the long-term as wider adoption should win out and lead to sustainable AI investments," Morningstar stated in a note last week, referring to the impact of DeepSeek, a major AI player, on Asian tech stocks.
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