Two disclosures in the same session establish where the Chinese AI and semiconductor stack is being priced. Moonshot AI closed $3.5 billion at a $35 billion valuation against an initial target of $1 billion to $2 billion, with a Hong Kong listing possible this year. CXMT’s IPO prospectus revealed that Alibaba holds nearly 5%, worth more than $20 billion, against a closing market capitalization of approximately $464 billion on 28 July.