Hong Kong AI Concept Stock Daily: MINIMAX-W Slumps 13.74% as Dalio Warns the AI Bubble Is Near Its Breaking Point - 20261008

NewTimeSpace · 2026/10/08 17:55 · By Zeyu Wu

On October 8, 2026, Hong Kong stocks fell broadly, with the HSTECH down 2.89% to a new low since September 2024. MINIMAX-W slumped 13.74%; BABA-W eased 1.04%.

Key Highlights:

The HSI fell 1.43%, the HSTECH fell 2.89% and the HSCEI fell 0.89%; full-day turnover on the HSI reached HKD 207.3 billion, a sharp increase from a day earlier.
BABA-W fell 1.04%, MEITUAN-W fell 1.07%, HORIZONROBOT-W fell 1.13% and XIAOMI-W fell 1.17%; MINIMAX-W fell 13.74%, BIRENTECH fell 11.85% and BLACK SESAME fell 11.49%.
Dalio warned the AI bubble is near its breaking point; Hang Seng TECH Index compilation rules were revised, effective in December; hawkish September FOMC minutes pushed the 10-year Treasury yield to its highest since April 2002; optical chip price-cut talk rattled AI hardware; SpaceX is seeking USD 40 billion to buy Nvidia chips.

I. Market Overview

On October 8, 2026, the three major Hong Kong indices fell across the board, with the Hang Seng Index down 1.43% at 23,785.79, the Hang Seng TECH Index down 2.89% at 4,073.38, a new low since September 2024, and the Hang Seng China Enterprises Index down 0.89% at 8,010.58. With the mainland holiday over and Stock Connect trading resumed, full-day turnover on the Hang Seng Index reached HKD 207.3 billion, a sharp increase from HKD 94.7 billion a day earlier. AI concept stocks retreated across the board, with none of the 20 names across the four sectors closing higher.

In the LLM space, BABA-W (09988.HK) fell 1.04%, MEITUAN-W (03690.HK) fell 1.07%, TENCENT (00700.HK) fell 2.19%, BIDU-W (09888.HK) fell 3.07%, KUAISHOU-W (01024.HK) fell 3.91%, Z.AI (02513.HK) fell 7.61% and MINIMAX-W (00100.HK) fell 13.74%, the worst performer among AI concept stocks.

In the AI Chips space, MONTAGETECH (06809.HK) fell 6.05%, SMIC (00981.HK) fell 6.73%, ILUVATAR COREX (09903.HK) fell 7.01%, GIGADEVICE (03986.HK) fell 7.47%, HUA HONG GRACE (01347.HK) fell 9.21% and BIRENTECH (06082.HK) fell 11.85%. While memory contract prices continued to rise, talk of easing prices in AI hardware segments weighed on the sector.

In the Autonomous Driving space, HORIZONROBOT-W (09660.HK) fell 1.13%, PONY-W (02026.HK) fell 3.72%, ROBOSENSE (02498.HK) fell 4.17%, WERIDE-W (00800.HK) fell 9.85% and BLACK SESAME (02533.HK) fell 11.49%.

In the Embodied AI space, XIAOMI-W (01810.HK) fell 1.17% and UBTECH ROBOTICS (09880.HK) fell 6.99%.

II. Market Performance of Representative AI Stocks

Stock Code	Company Name	Closing Price (HKD)	Change(%)	Sector / Concept
09988.HK	BABA-W	104.300	-1.04	LLM
03690.HK	MEITUAN-W	69.400	-1.07	LLM
09660.HK	HORIZONROBOT-W	3.950	-1.13	Autonomous Driving
01810.HK	XIAOMI-W	23.660	-1.17	Embodied AI
00700.HK	TENCENT	411.400	-2.19	LLM
09888.HK	BIDU-W	82.150	-3.07	LLM
02026.HK	PONY-W	45.600	-3.72	Autonomous Driving
01024.HK	KUAISHOU-W	28.540	-3.91	LLM
02498.HK	ROBOSENSE	15.400	-4.17	Autonomous Driving
06809.HK	MONTAGETECH	273.400	-6.05	AI Chips
00981.HK	SMIC	56.800	-6.73	AI Chips
09880.HK	UBTECH ROBOTICS	69.200	-6.99	Embodied AI
09903.HK	ILUVATAR COREX	92.250	-7.01	AI Chips
03986.HK	GIGADEVICE	398.800	-7.47	AI Chips
02513.HK	Z.AI	643.000	-7.61	LLM
01347.HK	HUA HONG GRACE	95.600	-9.21	AI Chips
00800.HK	WERIDE-W	12.170	-9.85	Autonomous Driving
02533.HK	BLACK SESAME	8.360	-11.49	Autonomous Driving
06082.HK	BIRENTECH	30.360	-11.85	AI Chips
00100.HK	MINIMAX-W	207.200	-13.74	LLM

Data Source: HKEX. For reference only, not investment advice. Data as of market close on October 8, 2026.

III. AI Industry & Corporate Developments

1. Dalio Warns the AI Bubble Is Near Its Breaking Point as Hong Kong AI Concept Stocks Sell Off Broadly

Speaking at the Forbes Global CEO Conference in Singapore on October 8, Bridgewater founder Ray Dalio said artificial intelligence is a classic bubble that is nearing its breaking point amid rising interest rates and a need to monetise wealth; substantial borrowed money is being poured into AI, and as rates keep climbing the bubble will begin to burst at this stage. Hong Kong AI concept stocks fell across the board: MINIMAX-W (00100.HK) dropped 13.74%, BIRENTECH (06082.HK) fell 11.85%, BLACK SESAME (02533.HK) fell 11.49%, WERIDE-W (00800.HK) fell 9.85%, HUA HONG GRACE (01347.HK) fell 9.21% and Z.AI (02513.HK) fell 7.61%, while global AI hardware names also corrected in tandem.

2. Hang Seng TECH Index Compilation Rules Revised to Lift the Weight of AI Hardware and Semiconductors

Hang Seng Indexes Company published revisions to the compilation methodology of the Hang Seng TECH Index featuring six reforms: removing the requirement that eligible candidates belong to five designated sectors under the Hang Seng Industry Classification System, increasing the number of constituents from 30 to 50, and adding a frontier technology theme to the existing technology themes. The revised themes comprise digital platforms and solutions, artificial intelligence, advanced hardware, robotics and automation, cloud, and frontier technology, with the changes taking effect in December. On October 8 the Hang Seng TECH Index fell below the 4,100 mark to a new low since September 2024, led lower by constituents including MINIMAX-W, Z.AI and ILUVATAR COREX.

3. Hawkish September FOMC Minutes Send 10-Year US Treasury Yield to Its Highest Since April 2002

The minutes of the Federal Reserve's September meeting showed the Committee voted unanimously to raise rates by 25 basis points last month, with many participants judging that raising the target range further was prudent from a risk-management perspective and favouring one more hike this year. Long-dated US yields rose in tandem, with the 10-year Treasury yield climbing to 5.365%, the highest since April 2002, and the 30-year yield briefly exceeding 5.7%. The three major US indices closed lower overnight, with the Dow down 0.66% and the Nasdaq down 0.22%, as rising global risk-free rates continued to weigh on growth valuations.

4. Optical Chip Price-Cut Talk Rattles AI Hardware as Companies Deny Receiving Such News

Hong Kong AI hardware names saw sharp adjustments on October 8, with optical communication and memory concepts leading declines; CREALIGHTS (01191.HK) fell more than 13% and YOFC (06869.HK) fell more than 6%. Talk had circulated that optical chip prices were under pressure, including downward pressure on optical chips paired with 1.6T modules. Companies including Changguang Huaxin, Shijia Photons and Yongding said in interviews that they had received no news of optical chip price cuts, with some attributing the correction to a Morgan Stanley research report published on October 1 on US Federal Communications Commission policy. After a period in which AI hardware benefited from supply chain price increases, easing expectations in some segments fuelled short-term concerns.

5. Global AI Computing Infrastructure Financing Picks Up as SpaceX Seeks USD 40 Billion to Buy Nvidia Chips

Global AI computing infrastructure buildout entered a period of intensive financing. Citing people familiar with the matter, media reported that SpaceX is seeking to raise USD 40 billion to purchase Nvidia chips, comprising about USD 10 billion of bank loans and USD 30 billion of investment-grade debt, led by Apollo Global Management. Broadcom is arranging more than USD 50 billion of financing for its custom AI chip project with OpenAI and has agreed to provide Anthropic with up to USD 42 billion of financing for infrastructure spending and chip leasing, while Oracle is also in talks with institutions over large chip procurement financing. As computing buyers shift from funding purchases out of cash flow to diversified financing, the capital supply for data centre construction and chip procurement has expanded significantly.

IV. Profiles of Representative AI Concept Stocks

Company Name	Stock Code	Industry Position	Main Product Lines & Business Overview
BABA-W	09988.HK	China's cloud and AI leader	The company has released several new models, including Qwen3.6-Plus, with the Qwen LLM surpassing 1.4 trillion Tokens in daily API calls, setting a new global record for daily calls on third-party platforms. The Qwen consumer-facing application has exceeded 300 million MAU and has been integrated into the smart cabins of multiple automakers. It consistently ranks at the forefront in international benchmark evaluations for coding and agentic capabilities. Its business layout seamlessly matches the trend of scaled procurement of computing power and model APIs by government and enterprise clients.
MEITUAN-W	03690.HK	AI technology pioneer in local life services	Its AI-native community application Miyu has demonstrated operational value in physical retail and dining environments, boosting merchant efficiency. The company continuously enhances search, recommendation, and dispatch algorithms across its local commerce ecosystem using proprietary foundation models. By deploying AI Agent technologies in customer service, merchant marketing assistants, and instant delivery route planning, the company improves dual-sided operational efficiency and management precision.
HORIZONROBOT-W	09660.HK	China's leading intelligent driving computing solution provider and full stack vehicle intelligence enabler	Founded in 2015, it offers ADAS and high level autonomous driving solutions. Core products include the Journey-series in-car AI chips (cumulative shipments exceeding 10 million units), the HSD full scenario urban driving solution, and the "Starry 6P" cockpit driving integrated vehicle intelligence chip. In 2025, it held a 47.7% market share in domestic ADAS for independent brands, with full year revenue of RMB 3.758 billion, up 57.7% YoY.
XIAOMI-W	01810.HK	Full-stack AI technology giant anchored by the "Human x Car x Home" ecosystem	Its foundational model family MiMo has entered the top tier of global open-source models; MiMo-V2-Pro features over 1 trillion parameters, while MiMo-V2.5-Pro tied for 1st globally among open-source models with a score of 54 on the Artificial Analysis composite index. AI capabilities fully power the "Human x Car x Home" ecosystem, driving iterative upgrades in the CyberOne humanoid and CyberDog bionic quadrupeds. Multimodal computer vision, force-control algorithms, and automated dispatch logics are deeply integrated into dark-factory production and flexible manufacturing.
TENCENT	00700.HK	An Internet tech giant with a national-scale application ecosystem and the platform provider with the broadest LLM implementation scenarios in China	The Hunyuan LLM ranks highly in evaluations on third-party platforms such as OpenRouter. The model continues to deepen its integration into national-level social applications, Tencent Meeting, and the cloud-based collaborative office ecosystem. Backed by a massive MAU base and the Tencent Cloud intelligent computing service system, the company is accelerating the delivery of AI solutions to B2B clients in government and finance, continuously expanding enterprise-level application scenarios.

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