0200 GMT - The AI theme should kick off a new upcycle for Chinese internet stocks, Jefferies analysts write in a note. The Jefferies analysts note that the sector's valuation looks undemanding and stocks are trading at a discount to overseas peers. Jefferies is now more positive on the sector as companies are pursuing advanced technology and cost-efficient models, on top of applications of technology. Recent earnings results for most of the large and midcap companies under the AI theme are either in line or have beat expectations, the bank adds. Among the major companies, the bank is positive on Alibaba's advanced technology, open-source models and global cloud infrastructure, Jefferies says. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
February 23, 2025 21:00 ET (02:00 GMT)
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