China’s Top Tech Stocks Add $439 Billion as ‘Mag Seven’ Sink.

A $439 billion rally in Chinese tech megacaps this year has left their once-unbeatable US peers in the dust, an outperformance that many investors say has room to extend.

An equal-weighted basket of China’s seven tech heavyweights including Alibaba Group Holding Ltd. and Tencent Holdings Ltd. — dubbed the “7 titans” by Societe Generale SA — has gained more than 40% this year. That compares with an about 10% drop in an index of the Magnificent Seven stocks, whose slump has also pushed the Nasdaq 100 Index to the brink of a correction.

Chinese tech stocks have been on a tear since then, prompting even long-time skeptics to turn optimistic. The rally received another push this week following Beijing’s plan to step up support for tech companies and a spate of new AI tools from the likes of Alibaba.

Source: FINANCE.YAHOO