China’s big tech groups miss out on AI stock market frenzy
Tencent and Alibaba left behind as investors focus on pure AI plays
Tencent and Alibaba left behind as investors focus on pure AI plays

Move may affect a global developer community that relies on Qwen models from the Chinese company

Alphabet, Meta and Microsoft divide the market over whether they can translate huge capital expenditure into income

Chinese AI models made by groups such as DeepSeek and MiniMax have overtaken US rivals in token consumption

Decline in Asian markets led by companies most exposed to demand for artificial intelligence

Companies such as battery maker CATL earn big margins on export sales despite US tariffs

Earnings reports of major players show how artificial intelligence services are boosting revenues