China's strategy for competing with the U.S. on AI revolves around huge clusters of Huawei chips and cheap energy.

The decision marks one of Beijing’s boldest efforts yet to remove foreign technology from its critical digital infrastructure.

The privately held company has reached a valuation of $15 billion, as Liang wants to push the boundaries of technology.

China Internet Development Report 2025 is released at a press conference during the ongoing 2025 World Internet Conference Wuzhen Summit on November 8, 2025 in Wuzhen, East China’s Zhejiang Province. Photo: Screenshot from china.com.cn

By Lawrence White LONDON (Reuters) -Tech-heavy stock markets were heading for their biggest weekly fall in seven months on Friday, as investors fretted over the sustainability of a rally in artificial intelligence stocks.

China's Pony.ai on Thursday saw its shares drop over 12%, while rival WeRide fell nearly 8% as the autonomous driving companies began trading in Hong Kong. Pony.ai and WeRide, which are already listed in the U.S., raised 6.71 billion Hong Kong dollars (about $860 million) and HK$2.39 billion, respectively in their initial public offerings.