Hang Seng Index closes down 0.38%; TECH Index falls 1.28%

The sharp divergence between the broader index's mild dip and the tech-heavy index's deeper slide points to renewed pressure on high-multiple, AI-driven names. Declines among AI startups and hardware-linked stocks suggest sentiment is turning cautious on speculative valuations, even as the main market holds up relatively well. The concentration of losses in AI-related firms, rather than across the board, indicates a sector-specific repricing. Whether this reflects profit-taking after recent gains or a broader reassessment of AI monetization timelines is the key question to monitor in coming sessions.