Investors in China’s stock market ran for the exits at news that regulators would be cracking down on stocks driven by AI euphoria versus earnings potential. Fanning the fear, William explains, were the implications that China’s President Xi isn’t the capitalist proponent of free markets he claims to be. … Also: Toby discusses the China MSCI’s extremely low valuation for profitable companies. While that sounds enticing, share prices reflect risk that isn’t likely to go away. … And: The Strait of Hormuz isn’t a chokepoint only for oil. Some 20% of global internet and financial data run through it via subsea cables. Threats to tax that flow have Big Tech brainstorming Hormuz-avoidance strategies.
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