Nasdaq Golden Dragon China Index Closes Down 0.5%

The dispersion here matters more than the headline move: cloud and data-centre names like Kingsoft Cloud and 21Vianet were hit hardest, while consumer-facing ADRs such as Yum China and Huazhu finished higher. That split suggests stock-specific pressure on the AI and data-centre complex rather than a broad China risk-off session. The gap between CQQQ and KWEB is also worth noting, since it implies the weakness was concentrated in tech-heavy exposure. Whether that cloud and data-centre underperformance persists, or stays a one-day divergence, is the open question.