How are Chinese firms faring as AI and tech reshape global market cap rankings? (opens original article in a new tab)

Chinese state-owned banks and energy firms have lost ground to US tech companies in global market capitalization rankings as investors shift focus to technology sectors.

• Chinese state-owned banks and energy firms have fallen behind US tech companies in market cap rankings
• Seven US tech firms were among the world's 10 largest listed companies as of Friday
• Tencent Holdings is China's largest tech company with a market cap of about US$505 billion
• Investors are showing increased preference for technology companies over traditional industries