中国人工智能股票暴跌，市场担心随着围绕英伟达公司的间谍和领导层争议升级，云运营商获取先进芯片可能面临更严格的美国审查。
Chinese artificial intelligence stocks tumbled on concerns that cloud operators’ access to advanced chips may face tighter US scrutiny amid the escalating espionage and leadership controversy surrounding Nvidia Corp.
阿里巴巴集团控股有限公司股价一度下跌7.1%，领跌恒生科技指数。这家中国互联网巨头通过新加坡的Megaspeed International租用英伟达芯片——该公司创始人涉嫌为中国情报机构工作。AI生态系统内的同行股价跟随下跌，模型开发商Z.AI公司和MiniMax集团公司股价各自下跌至少7%。
Alibaba Group Holding Ltd. slumped as much as 7.1% to lead losses on the Hang Seng Tech Index. The Chinese Internet giant rents Nvidia chips through Singapore-based Megaspeed International — the firm whose founder is suspected of working for Chinese intelligence. Peers across the AI ecosystem followed lower, with model developers Z.AI Co. and MiniMax Group Inc. sliding at least 7% each.
就在投资者在下周财报季来临前锁定收益之际，中国大型云服务商面临新的地缘政治阴影，阿里巴巴和腾讯控股有限公司均定于发布9月季度业绩。获取先进芯片对中国AI模型开发商至关重要，它们一直在编码和智能体工作流领域与美国公司争夺市场份额。
Chinese hyperscalers face a fresh geopolitical overhang just as investors lock in gains ahead of next week’s earnings season, when both Alibaba and Tencent Holdings Ltd. are scheduled to report September-quarter results. Access to advanced chips has been crucial for Chinese AI model developers, which have been competing with US firms for market share in coding and agentic workflows.
“大型云服务商囤积芯片从今年初就开始了，所以它们有一定缓冲，但研发时间表不可避免地会推迟。”大华继显分析师Julia Pan表示，“现在审查正在升级，这种更严格执法将持续多久，将给中国云服务商带来真正的挑战。”
“Now that scrutiny is ramping up, how long that tighter enforcement lasts will pose a real challenge for Chinese cloud service providers.,” said Julia Pan, an analyst for UOB Kay Hian. “They’ve been stockpiling chips since the start of the year, so they have some buffer, but R&D timelines will inevitably be postponed.”
