Wall Street De-Risked Tech. China Didn't.
The tech reset, the China risk
Technology has undergone a meaningful reset. Investors have cut exposure, positioning has normalised and stress levels remain elevated, leaving parts of the sector looking considerably cleaner than they did just a few weeks ago. But just as the tactical backdrop begins to improve, a new structural risk is emerging. China's rapidly advancing semiconductor ecosystem could become an increasingly important challenge for the AI supply chain. Here are the charts catching our attention.