AI hyperscaler effect vaults China’s Zhongji Innolight to top of CSI 300 benchmark

The Artificial Intelligence frenzy has made Zhongji Innolight, a supplier of optical modules to US hyperscalers, the biggest constituent of China’s stock benchmark, highlighting AI’s profound impact on the world’s second-largest equity market.The northern Shandong province-based company had a 5 per cent weighting on the CSI 300 Index on Friday, making it the largest of the 300 most valuable stocks on the Shanghai and Shenzhen exchanges. The index’s weighting is based on the market capitalisation of free-float shares.Second-ranked Contemporary Amperex Technology Ltd (CATL), the world’s biggest maker of lithium batteries for electric vehicles, had a representation of 4.1 per cent, followed by liquor giant Kweichow Moutai at 3 per cent and another optical module maker, Eoptolink Technology, at 2.8 per cent. Zhongji Innolight first eclipsed CATL last month.