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Chinese tech firms are facing margin compression from e-commerce price wars and potential tax increases, distinct from the AI hardware rally. These macro and regulatory headwinds create a separate risk profile for Chinese internet stocks.

Impact: Chinese tech stocks may underperform Asian hardware peers due to regulatory and competitive pressures unrelated to AI infrastructure.

— from AI CapEx Surge Reshapes Asia Tech Supply Chains · Bloomberg Daybreak: Asia Edition· Feb 05, 2026