Wall Street banks have acted as bookrunners on 19 Chinese high-tech equity capital market deals worth $17.2 billion this year, nearly 30% of the sector’s total issuance, even as Washington and Beijing build separate AI supply chains. Chinese outbound mutual funds favor U.S. stocks, particularly semiconductor companies, while the value of U.S. equities held by Hong Kong residents and mainland Chinese has risen 23% over the past year to more than $750 billion. The cross-border exposure gives investors an interest in stable relations ahead of the Donald Trump-Xi Jinping meeting in Washington, but could unwind if tensions further divide AI development. U.S. and Chinese officials are also discussing an AI dialogue covering common goals and threats.