US and Chinese investors are continuing to put money into each other’s artificial intelligence sectors despite growing efforts by Washington and Beijing to build separate technology supply chains.
Wall Street banks have acted as bookrunners on 19 Chinese high tech equity deals worth $17.2 billion this year, accounting for nearly 30% of total issuance in the sector, according to LSEG data.
US investment restrictions on sensitive Chinese technologies have not stopped Wall Street banks from participating in Chinese AI and semiconductor listings. Goldman Sachs, Morgan Stanley, Citigroup and JPMorgan have worked on several major Hong Kong offerings, including listings by AI developer MiniMax and chipmakers.
Chinese investment in US technology has also increased. US stocks account for nearly half of the 1 trillion yuan ($150 billion) managed by China’s outbound mutual funds, while Chinese and Hong Kong investors held more than $750 billion in US equities, up 23% over the past year.
Data from S&P Global Market Intelligence showed US AI funding rounds involving Chinese or Hong Kong investors rose from about $436 million in 2023 to roughly $8.9 billion through mid September 2026.
The financial links could face pressure if Washington and Beijing further restrict technology and investment flows. US officials have limited access to advanced chips and chipmaking technology for China, while Beijing is pursuing greater domestic AI self sufficiency.
The investment ties are expected to feature in discussions between US President Donald Trump and Chinese President Xi Jinping, while US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng have discussed establishing an AI dialogue between the two countries.
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