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Chinese industrial profits grow with AI
Official data in China showed that the profits of major industrial companies grew by 21.1% in May, despite a slowdown compared to April's growth rate of 24.7%. During the first five months of the year, the sector's profits increased by 18.8%, with a significant surge of 103.9% in the profits of computer and electronic equipment manufacturing companies, while profits of automobile manufacturers declined by 19.8%. This reflects the impact of expanding AI investments on certain sectors, amid economic and financial pressures with geopolitical implications affecting China's economic performance.
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