China Tech Stocks Jump as AI Boom Pushes Index to Four-Year High

A blistering rally in Chinese technology shares accelerated on Wednesday as renewed bets on artificial intelligence sent a key gauge to the highest in nearly four years.

The Hang Seng Tech Index, which tracks the largest tech firms listed in Hong Kong, rose 4.2% to close at its highest level since November 2021. Search engine operator Baidu Inc led gains with a 16% jump but multiple tech giants came along for the ride: Shares of Alibaba Group Holding Ltd., Semiconductor Manufacturing International Corp, and JD.com Inc all surged.

The index is now set for its seventh consecutive week ...