On China’s Bear Market & North Korea’s Heist

The global AI rout last week hit China’s stocks hard. If China’s AI trade was a bubble that now has burst, William says, President Xi’s push dream of a “Wall Street East” could pop as well. An AI bust would only reinforce households’ perception of Shanghai as a casino, with odds set by the Politburo, thwarting Xi’s push to steer household savings into stocks, particularly tech stocks. … Also: The North Korean government is under investigation for stealing $6 billion in cryptocurrency, the largest crytpo theft to date. The breach exposes crypto’s vulnerabilities and puts China, North Korea’s chief benefactor, in a sticky spot.