Kia Norway drew eyeballs when its social media account posted a photo of its EV3, with a sticker saying, “I bought this after Elon went crazy.” (The ad is now gone, with Kia’s Korean headquarters saying that it never approved the spot.)
Chinese optimism
Chinese stocks, particularly in the tech sector, have rallied this year thanks to DeepSeek and its powerful, efficient, and cheap models. The Hang Seng Tech Index, which tracks tech companies listed in the Chinese city of Hong Kong, is up over 35% in 2025.
On Monday, Citi upgraded Chinese equities to overweight, citing the emergence of DeepSeek and Beijing’s support for the tech sector.
That’s in contrast to the U.S., where tech companies are plunging because of tariffs and Trump recession fears. U.S. tech companies, including Tesla, lost a combined $750 billion on Monday. The Nasdaq 100 index sank 3.8%.
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