Hong Kong stocks tread water as tech giants stumble on AI bubble jitters

Market Overview - Hong Kong stocks traded sideways, with the Hang Seng Index closing up 0.1% at 25,498.13, while the Hang Seng Tech Index dropped 0.7% [1] - The CSI 300 Index on the mainland slid 0.6%, and the Shanghai Composite Index added 0.2% [1] Company Performance - Xiaomi's stock fell 2.5% to HK$40.20, and Pop Mart International Group's stock decreased by 1.3% to HK$193.20 due to concerns over profitability sustainability [2] - Alibaba Group Holding lost 1.3% to HK$144.10, and Baidu slipped 0.8% to HK$117.60 [2] - Conversely, China Petroleum and Chemical Corp (Sinopec) rallied 6.5% to HK$8.01, and China Merchants Bank added 2.4% to HK$50.60 [3] Technology Sector Sentiment - Sentiment in the technology sector was skittish following a significant drop in US equities, particularly the Nasdaq 100, which lost almost 2% [4] - Oracle's stock tumbled over 5% after a partner reportedly refused to finance a US$10 billion data center, raising concerns about AI spending by US tech companies [4] Analyst Insights - Concerns about technology stocks have intensified, with some AI sales falling short of high investor expectations, leading to doubts about an AI bubble [5] - Analysts suggest that stocks need fresh catalysts to recover, and investors are closely monitoring upcoming US inflation data [5] Economic Indicators - The consensus estimate for US consumer price growth in November is 3.1%, up from 3% in September, which could influence Federal Reserve interest rate decisions [5]