News Summary

• Profits at onshore-listed Chinese companies rose 25.7% in the three months to June.
• The CSI 300 has fallen about 9% this quarter and the tech-heavy Star 50 has dropped 29%.
• Investors are treating AI spending as a cost rather than a promise.
• China is the first large market to watch a full capex cycle arrive in reported profit and mark it down..
• Europe sits at the other end of that cycle.
• Its spending has not been made yet, let alone reported, and its exposure runs through the supply chain rather than through operators.
• The Commission has committed EUR 20B to AI gigafactories, drawing 77 proposals across 16 member states and 60 sites, with construction of the first planned for 2027.