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Markets

Axios Markets

Tech Policy

White House draws new AI line on China

Why China's "national team" buys up stocks

A column chart that shows monthly percentage changes in China Shanghai A-Shares from July 2025 to July 2026. Gains peaked at 7.97% in August 2025, while the lowest reading was -6.51% in March 2026. Returns turned mostly negative from March through July 2026.

Percentage change in China Shanghai A-Shares

Data: FactSet; Note: July data is month-to-date through close of the Chinese session on July 21, 2026; Chart: Matt Phillips/Axios

Exclusive: Nvidia's Jensen Huang defends Chinese AI amid Kimi panic

Nvidia's Jensen Huang defends Chinese AI

OpenAI and Anthropic unite against China's open models

Investors blink on the AI trade

A line chart that tracks daily percentage price changes for five semiconductor stocks and an ETF from June 22 to July 17, 2026. Intel fell the most, down 32.6%, followed by Micron at 29.9% and the ETF at 20.3%. Nvidia was the most resilient, ending down 2.8%.

Change in price for select semiconductor stocks

Data: Financial Modeling Prep; Chart: Emily Peck/Axios

Media Deals

U.S. live shopping expected to triple as retailers compete with China

Media Trends Executive

A stacked area chart forecasting global livestream commerce sales from 2025 to 2030 in China, the U.S. and the rest of the world. The chart indicates sales increasing from almost $1.5 trillion in 2025 to over $3.5 trillion in 2030. Sales in China dominate.

Livestream commerce sales forecast

Data: ARK Investment Management; Chart: Danielle Alberti/Axios

AI race splits in two as China wages open-weight insurgency

Macro

Axios Macro

Housing, imports and consumers: 3 fresh reads on the economy

A line chart that tracks monthly year-over-year changes in the U.S. import price index for all imports and imports excluding fuels from January 2019 to June 2026. All imports fell to minus 6.8% in April 2020, peaked at 13% in March 2022, then reached 7.1% in June 2026.

Year-over-year change in U.S. import price index

Data: Bureau of Labor Statistics; Chart: Courtenay Brown/Axios

China just erased America's AI lead

Read: Trump documents allege China election interference

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