AI Sector Rotation and Sell-off

AI breakthroughs (Alibaba Qwen3.8-Max, DeepSeek low-cost model) drive stock surges but also sell-offs on profit lag and overvaluation. CWEB +25% on Apple Intelligence deal using Alibaba's Qwen. Moonshot AI IPO rumor denied, adding uncertainty. US sanctions threat impacts $50B IPO timeline. A-share AI frenzy lifts ChiNext/STAR 3%. CICC sees pullback improving risk-reward.