Bloomberg - Chinese stocks are having a moment in the sun, thanks to DeepSeek. The country’s AI-driven stock rally is drawing support from Wall Street strategists from Morgan Stanley, JPMorgan and UBS, who say the bull run spurred by DeepSeek’s artificial intelligence model will continue. The global shock and awe over the Chinese startup has challenged previous assumptions that the nation is lagging behind in cutting-edge technologies, it seems.

Adding to the excitement, Alibaba’s stock surged the most since September after a report that Apple is working with the e-commerce pioneer to roll out AI features in China. Baidu had some AI news of its own. CNBC said the company aims to put out the next generation of its AI model later this year.

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SoftBank, on the other hand, is facing challenges in its AI quest. The company swung to losses for the December quarter due to a drop in the value of the Vision Fund’s public holdings, boding ill for founder Masayoshi Son who has to raise $500 billion for the Stargate AI project. The Japanese billionaire is exploring project financing to raise money, and one scenario under review is to raise 10% of the total sum through equity with senior loans contributing as much as 70%, Bloomberg News reported. Son unveiled the Stargate AI venture alongside OpenAI and US President Donald Trump last month.

China’s insatiable appetite for bubble tea has spawned another billionaire. Guming’s $233 million Hong Kong initial public offering bolstered the value of the stake owned by its millennial founder, Yun’an Wang, to $1.2 billion, according to the Bloomberg Billionaires Index. Wang joins the growing club of Chinese bubble tea billionaires who have sprouted in recent years amid soaring demand for the drinks — a $9.6 billion market in 2018 that’s forecast to balloon into $71 billion in three years. But he’s also taking his company public at a time investors are becoming increasingly wary about pumping money into such a competitive industry, where vendors regularly engage in price wars. Guming sells tea under the “Good me” brand.

Speaking of stock winners: The record-breaking box office run by animated Chinese film “Ne Zha 2” continues to be a boon for the company that produced and distributed it. Shares of Beijing Enlight Media surged by as much as the 20% limit Wednesday. The blockbuster sequel, which was produced and distributed domestically in China, ranks among the 25 top-grossing films of all time worldwide, according to state media company Xinhua.

Nissan has another potential savior. Taiwan’s Hon Hai is open to buying Renault’s stake in the struggling Japanese carmaker. Hon Hai Chairman Young Liu told reporters on Wednesday the company has approached both Nissan and Honda about a possible cooperation. The company, known also as Foxconn, has been venturing into newer arenas such as electric vehicles to offset stalling smartphone sales (it’s Apple’s main production partner).

Tariff jitters put the yen on track for its longest losing streak in more than a month. There are heightened concerns Japan may come into US President Donald Trump’s crosshairs after he announced plans to impose 25% tariffs on all US imports of steel and aluminum. The Japanese government asked him on Wednesday to exempt the nation’s companies from his fresh tariffs, according to Trade Minister Yoji Muto. Even after the latest weakness, the yen remains the best performer among Group-of-10 currencies against the dollar this year.

Another country at risk is Australia, which Trump accused of “killing” the US aluminum market, according to a senior trade adviser to Trump. That’s a potential blow to Prime Minister Anthony Albanese’s efforts to secure an exemption from tariffs that come into effect next month. Albanese and Trump had spoken by telephone on Tuesday, with the prime minister saying the president had agreed to consider an exemption for Australia from US steel and aluminum tariffs. Albanese, who must hold an election by May 17, has been under intense pressure from local lawmakers and executives to secure the exemptions.

India, likewise, has its work cut out. Prime Minister Narendra Modi faces a tougher challenge this time in pitching the country as an attractive investment destination for Trump and US investors as he visits the world’s biggest economy. The climate around Indian financial assets has shifted dramatically since Modi last visited the US nearly two years ago. Then, he touted the nation’s booming economy, soaring stock markets, and its potential to rival China as the world’s factory. Now, his visit comes as foreigners have pulled $21 billion from Indian shares since the end of September, the rupee has hit fresh lows, and the nation’s $4.1 trillion stock market is Asia’s worst performer this year among the region’s major economies. Trump’s threats of reciprocal tariffs are only making matters worse.