HK cheer as Trump thumping may spell woe for AI boom

Tech firms tumbled Thursday as investors contemplated the outlook for the AI boom after Democrats swept the US midterms, partly on the back of growing anger over the rapid building of data centres across the country. In Hong Kong, the benchmark Hang Seng Index soared 877 points, or 3.7 percent, to end at 24,796 on comparatively high turnover of HK$356.67 billion. The tech index rose 218 points, or 5.5 percent, to 4,154 while the China enterprises index gained 311 points, or 3.9 percent, to 8,369. On the mainland, the Shanghai Composite Index closed up three points, or 0.1 percent, at 3,689 on turnover of 979.71 billion yuan. The Shenzhen Component Index was 135 points, or 1.2 percent, higher at 11,471 on turnover of nearly 1.14 trillion yuan while the ChiNext Index was up 22 points, or 0.87 percent at 2,566 on turnover of 576.11 billion yuan. The tech losses, which happened mostly in tech-heavy benchmarks like the Nikkei and Kospi, came after US President Donald Trump's Republicans were dealt an historic defeat that was blamed on high prices, tariffs and the Iran war. The result stoked hopes he will look to wind down the Middle East conflict, which would help temper inflation and even soften his...