On September 14, the Chinese stock market experienced a slight decline, attributed to concerns over the pace of AI development. The Shanghai Composite Index closed down 0.07% at 3,885.33, the Shenzhen Component Index fell 0.64% to 13,384.57, and the ChiNext Index dropped 1.10% to 3,285.58.
Comments from Dario Amodei, CEO of Anthropic, advocating for a slowdown in AI development, caused a ripple effect in AI-related stocks globally, including in China. Following the market's opening, AI hardware stocks, which had recently surged, faced corrections. Chinese media also cited concerns over the slowing pace of AI model development as a reason for the index decline.
Additionally, the potential for U.S. interest rate hikes weighed on the Chinese market. Recent inflation data from the U.S. came in higher than expected, leading markets to significantly raise the likelihood of a Federal Reserve rate increase this week, with a probability of 86% for a September hike, according to Reuters. There are even discussions about the possibility of further rate increases beyond September.
Brent crude oil prices rose again to around $106 to $107 per barrel due to instability in the Middle East. Attacks on Saudi Arabia's east-west oil pipeline and tensions in the Strait of Hormuz and Bab-el-Mandeb Strait heightened concerns over supply disruptions.
Internet security stocks saw significant gains on the day. Companies such as Zhongxin Saike, Yongxin Zhicheng, and Bohui Keji hit their daily price limits. Chen Yixin, Deputy Minister of China's Ministry of State Security, criticized in a recent article for the magazine 'China Network Information' that foreign intelligence agencies are using AI technology to collect sensitive information, including core national data and personal privacy. He urged for enhanced risk awareness and early warning capabilities.
Stocks related to multilayer ceramic capacitors (MLCC) also rose, with Shuangxing Xincai reaching its daily limit and Yunzhu Keji showing a significant increase. The announcement by Japanese MLCC manufacturer Murata to halt production of certain MLCC items was seen as a positive development. Murata plans to reduce production of general-purpose and low-value products while expanding high-value product manufacturing, leading to speculation that general-purpose product volumes may shift to Chinese manufacturers.
Meanwhile, the People's Bank of China set the yuan's daily reference rate at 6.7698 per dollar, a decrease of 0.0045 yuan from the previous day, reflecting a 0.07% increase in the yuan's value.
* This article has been translated by AI.
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