QQQ - Chinese Internet Stocks Are In A Game Of Musical Chairs

• Chinese ETFs had their time in the sun, outperforming their U.S. counterparts last week as the latter was mired in inflation worries and the rout in cryptocurrencies.
• Media coverage on Alibaba and Ant Group has turned positive while Tencent becomes the new fall guy.
• Baidu delivered earnings and revenue beats, with an upside guidance. However, the market chose to focus on its planned heavy investments into its AI-powered business.
• Chinese businesses under the heat for complying with government requirements are heaving a sigh of relief as their U.S. peers are exposed for been guilty of the same.
• Critics citing ARK Invest's divestments of Chinese stocks failed to acknowledge U.S. stocks were being dumped as well, while its holding of JD shares hit the highest in May.

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