Tech in the spotlight as China drives AI forward; St takes the lead in Milan

(Il Sole 24 Ore Radiocor) - Following the setback on Friday 19 June, tech shares are rising again, buoyed by gains in Asian artificial intelligence firms, particularly those in China. In Europe, Infineon Technologies is soaring in Frankfurt, whilst ASML, ASM and BE Semiconductor in Amsterdam, whilst in Milan STMicroelectronicstops the FTSE MIB, despite the €0.09 coupon payment.

The share price of the Italian-French group – which, incidentally, has launched an all-in-one 3D LiDAR module featuring direct Time-of-Flight technology that sets a new benchmark in high-resolution sensor technology for spatial mapping – is trading at all-time highs (just below the €69.75 reached in recent days) and has gained over 200% so far in 2026 and over 180% over the past year.

Meanwhile, in China, the shift away from traditional tech stocks (Alibaba and Tencent are down) towards artificial intelligence stocks continues, against a backdrop of confidence fuelled by Beijing’s positive stance on economic policy and the global demand for AI, which continues to grow. Conversely, the large language model developer Zhipu, formerly Knowledge Atlas Technology Jsc, and MiniMax Group saw their share prices surge by around 23% in Hong Kong, bringing their year-to-date gains to approximately 2,000% and 260% respectively. Semiconductor Manufacturing International and Yuanjie Semiconductor Technology also posted strong gains.

Last week, China introduced a series of measures aimed at expanding the adoption of AI in consumer markets, promoting the roll-out of next-generation devices and deepening integration within the e-commerce, logistics and retail sectors. Furthermore, the China Securities Regulatory Commission has committed to easing listing requirements and encouraging dual listings for companies in the AI sector, signalling a broader push to accelerate the sector’s growth.

However, whilst investor enthusiasm for AI and technology in general remains high, it is the tech giants – who are seeing their long-standing dominance wane – who are now on the defensive. Microsoft’s chief executive, Satya Nadella, who himself helped kick-start the artificial intelligence boom, is now pointing the finger at AI firms, seeking to form a united front with his competitors to stem the advance of the AI giants, led by OpenAI and Anthropic. In an interview with the Wall Street Journal, he warned of the next wave of the AI boom, characterised by more affordable models and greater user control. Nadella used strong words – “We cannot allow the AI giants to swallow up the economy,” he said – anticipating a scenario in which a small group of companies could hold the reins of world-changing technology, posing risks to security and employment, and insisting on the need to invest substantial resources to ensure expansion without barriers or limits.