Tencent shares have nearly doubled from a recent low on growing signs that China is preparing to end its crackdown on major tech firms.
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Microsoft is reportedly in talks to invest $10-billion into OpenAI, the owner of ChatGPT, which will value the San Francisco-based firm at $29-billion.
The JSE reached an all-time high on Monday morning, led by South African technology and mining stocks.
Chinese technology shares advanced on Monday as the sector’s outlook improved further following regulator comments that a years-long crackdown is ending.
That may, however, be the high-water mark as a deepening slump in the technology industry reduces the funding pool.
The dismal profit estimate by the world’s largest memory chip, smartphone and TV maker sets a weak tone for other technology firms’ quarterly results.
Tencent’s performance reflects optimism that China’s economic growth can find its way back to where it was before lockdowns.
Investors are no longer turning a blind eye to risks facing Apple, an about-face that threatens more pain for the stock.
A steady slide in Apple shares pushed the iPhone maker’s market value below $2-trillion, the latest casualty in the tech stock rout.
The move reinforces hopes that Beijing is easing a crackdown on the world’s largest mobile gaming arena.