AI crash in China: $2.4 trillion evaporated since May, Bitcoin holds its $80,000

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However, this time, BTC is cashing out. It was floating around $80,900 at 7 a.m. this Wednesday according to CoinGecko and awaits the Fed this evening.

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Start with Shanghai. The STAR 50 brings together the fifty biggest technology stocks in the market. But he lost 40% in less than four months. Nearly $480 billion went up in smoke on this basket alone.

However, the index remains expensive. He still pays himself a hundred times the profits of his companies. At the peak of euphoria, it was almost 250 times. By comparison, the Nasdaq 100 is around 30.

The rest of the market then followed. The CSI 300 brings together large caps from Shanghai and Shenzhen. It entered the bear market on October 22, with more than 20% decline since its peak. According to Goldman Sachs, AI-related companies account for 42% of the market value of Chinese stocks, including the mainland and Hong Kong. They also represent 57% of exchanges.

Beijing manager Dong Baozhen summarizes the sequence in the Decrypt article: “The market ended up transforming into a crazy speculative bull run. And now we see the bubble burst. »

Unitree makes humanoid robots. When it was introduced in August, individuals requested 8,000 times the number of shares offered. Since then, the stock has lost almost half its value. Zhongji Innolight and Eoptolink cable data centers with their optical modules. Both specialists have fallen approximately 60% from their highs. In the meantime, Washington is preparing to exclude Chinese optical components from its own data centers.

The contrast of the night is worth the detour. At the time Decrypt published its statement, Nasdaq welcomed a $63 billion financing package put together by Broadcom. It must be used to rent AI equipment from Anthropic. The market also applauded a capital increase of 25 billion Meta, oversubscribed five times. Nebius gained more than 11%, CoreWeave almost 8% and AMD more than 5%. The figures come from KuCoin's daily report from October 28.

Same bet, different financing. In China, individuals paid for Unitree with their savings. On the other hand, the American giants pay for their data centers with debt.

The Bank for International Settlements released its calculator the same day. In its Bulletin No. 140 dated October 27, it figures the expenses of the first five American hyperscalers. It expects more than $800 billion in investments in 2026. This represents 2.5% of United States GDP. These five groups have also already issued $222 billion in bonds as of the end of September. For its part, Moody’s has $1.2 trillion in data center leasing commitments. Among them, 820 billion concern sites that have not yet been built.

Machine-translated from French