Goldman Sachs: China AI-Listed Firms Created Nearly $5 Trillion in Market Value Since DeepSeek Moment

The striking figure here is not the $5 trillion itself but the concentration it implies: AI names now drive 42% of combined A-share and Hong Kong market cap and 57% of turnover, meaning index-level performance in these markets is increasingly an AI trade by another name. That turnover share matters more than the headline value creation, because it signals where liquidity and price discovery are actually happening — and where a sentiment reversal would be felt first. China's roughly 50% share in some AI power and infrastructure segments suggests the exposure is not purely narrative. Whether that dominance holds, and whether turnover concentration keeps rising, is the open question.