Bloomberg Businessweek

Never Mind Bitcoin. China Loves AI Stocks

Investors look past spotty earnings and see the government’s blessing

Iflytek Co., a Chinese developer of speech-recognition software, has consistently failed to meet analysts’ profit estimates. And yet it’s one of the hottest stocks in China, gaining 117 percent this year as of Dec. 18, thanks to the latest investment craze sweeping the country’s $7.5 trillion equity market: artificial intelligence.

Iflytek and other AI-related companies are dominating gains among large-cap Chinese stocks. The buying frenzy has added $61 billion of market value to China’s five

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