Foreigners see China closing ‌the tech gap with the U.S. as Beijing steps up support for AI chipmakers, spurring bets on Chinese companies just as worries grow over lofty valuations on U.S.-listed AI stocks. U.K.-based asset manager Ruffer, for example, said it has "deliberately limited ‌exposure" to the Magnificent Seven - the U.S. tech giants - and is looking to add positions in Alibaba for a bigger exposure to China's AI theme. "While the U.S. remains the leader in frontier AI, China is rapidly narrowing the gap," said Gemma Cairns-Smith, Investment Specialist at Ruffer.