MARKETS
How the market has priced the race
Share prices are a running vote on who is winning. We group US chip makers, China's domestic chip makers, and power-equipment makers in each country.
Key points
- Since the first US controls (7 Oct 2022): US chips +1,154%, Chinese domestic chips +1,118%. The market has rewarded both sides of the split.
- Since the DeepSeek shock, Chinese chips +229% vs US chips +171%; over the past year US chips +109% vs Chinese +34%.
- Power equipment: US +14%, China +37% since the DeepSeek shock. China's power builders have not been priced as AI winners.
Four groups since the first controls
Source: Yahoo Finance
Each stock
| Since the first US controls (7 Oct 2022) | Since just before the DeepSeek shock (24 Jan 2025) | 1 year | |
|---|---|---|---|
| US-side chips | +1,154% | +171% | +109% |
| NvidiaNVDA · USD | +1,802% | +61% | +26% |
| TSMC (Taiwan, US listing)TSM · USD | +590% | +108% | +68% |
| AMDAMD · USD | +940% | +395% | +277% |
| Chinese domestic chips | +1,118% | +229% | +34% |
| SMIC0981.HK · HKD | +252% | +47% | -21% |
| Hua Hong Semiconductor1347.HK · HKD | +491% | +339% | +47% |
| Cambricon688256.SS · CNY | +2,596% | +153% | +17% |
| US power and equipment | +733% | +14% | -1% |
| GE VernovaGEV · USD (listed 2024-03) | +627% | +127% | +58% |
| VistraVST · USD | +564% | -27% | -30% |
| Constellation EnergyCEG · USD | +218% | -24% | -22% |
| Chinese power equipment | +80% | +37% | +10% |
| NARI Technology600406.SS · CNY | +19% | 0% | +1% |
| Sieyuan Electric002028.SZ · CNY | +223% | +51% | +16% |
| TBEA600089.SS · CNY | +17% | +48% | +3% |
| S&P 500^GSPC | +111% | +26% | +15% |
| China A-shares (CSI 300 ETF)510300.SS | +26% | +18% | -4% |
Price change including dividends, in each local currency (not converted to yen). Shanghai and Shenzhen shares (.SS/.SZ) are hard to buy from Japan; Hong Kong and US listings are available at major online brokers. Prices to 29 Sep 2026
Source: Yahoo Finance
This page organises information; it does not recommend buying or selling anything. Data belongs to each publisher and may contain errors or delays. Quotes are taken from reports and transcripts; see the sources for the originals. Make your own investment decisions.
Updated 29 Sep 2026 12:24 JST · US power to Jun 2026, China power to May 2026 · models to 9 Sep 2026