Chinese tech firms take the hardest hit as the global AI trade cools

China's Star 50 index has become the worst-performing major tech gauge globally, while export-heavy firms keep winning The global AI trade is losing steam, and nobody is feeling it quite like China. The Star 50 index, Shanghai’s flagship gauge for tech and innovation stocks, has dropped nearly 40% in 2026. That makes it the worst-performing major tech index anywhere in the world, according to Bloomberg data. The pain isn’t evenly spread, though. Chinese companies selling into overseas markets are doing just fine. The ones relying on the home market are getting hammered. Start with the losers. MetaX, one of China’s homegrown chip designers, has lost around 50% of its value this year.

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