Nasdaq Golden Dragon China Index Falls 1.3% as Data Center Stocks Slump

The selloff is concentrated in data-center and cloud-infrastructure names rather than broad China tech, with the index's decline driven by VNET and GDS while Alibaba held a small gain. That divergence suggests the move reflects sector-specific pressure on capex-heavy, power-intensive operators rather than a uniform risk-off shift. Whether the weakness stays confined to that group, or spreads to the wider China internet complex, is the open question.