China Tech Earnings Renew Focus on Hardware Stocks Over Internet

Chinese chipmakers are rallying — SMIC jumped about 6.4% after beating earnings and CXMT briefly became the most valuable Chinese company.
Big consumer names are struggling: JD.com plunged over 10% after its first quarterly revenue drop since 2014 and the Hang Seng Tech index slid.
Investors are rotating into AI hardware, so upcoming Meituan and Baidu earnings will be a key test of whether money returns to internet/consumer stocks.