ChiNext Index Falls Over 3% as AI Hardware Shares Lead Decline

The selloff is concentrated in the AI hardware complex — semiconductors and co-packaged optics — rather than spread evenly, which suggests positioning unwinding in the year's most crowded theme rather than a broad macro shock. The breadth figure matters more than the index move: when more than 3,600 names fall alongside a narrow leadership group, it signals the weakness is dragging on sentiment beyond the AI trade itself. Whether the pressure stays confined to hardware or bleeds into other ChiNext sectors is the open question.