Asia
China Shares Slide at Market Open on Tech Selloff
Chinese shares opened lower on Friday as tech stocks took a hit after U.S. artificial intelligence company Anthropic accused Chinese e-commerce giant Alibaba Group (HKG:9988) of extracting the capabilities of its Claude AI model.The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.5% lower at 4,098.69. The Shenzhen Component Index declined 0.8% to 16,211.41.Anthropic alleged that between April 22 and June 5, Alibaba conducted a distillation effort, in which a less capable model is trained via the outputs of a stronger one, using nearly 25,000 fraudulent accounts to generate nearly 29 million exchanges with Claude.The move furthered China's ability to reach the advanced capabilities of Claude's AI model, Mythos Preview, Anthropic claimed.However, Nomura analyst Jialong Shi told The Wall Street Journal: "Given this is not the first distillation allegation targeting Chinese firms, I expect the reputational damage ... to be small."
Shanghai Composite^SZSEHKG:9988