Specialists of the Swiss bank UBS Group AG advise to take a closer look at the cheaper shares of Chinese Internet companies, which may «shoot» in 2024. At the same time, large US technology companies will take a back seat. UBS is pinning its hopes on big profits and lower valuations of shares of Chinese tech giants like Alibaba Group Holding Ltd. The bank also lowered its forecasts for Apple and Tesla. The fact is that Chinese Big Tech stocks have barely grown this year, while the Hang Seng index has been falling due to concerns about China's economic recovery, despite companies' efforts to cut costs and increase profits. In the Nasdaq Golden Dragon China index in the USA, where Alibaba is traded, JD.com Inc. and Netease Inc., they can be bought at a discount of more than 30% at a forward price-to-earnings ratio. Another leaders are Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. Today, their shares are quite cheap, despite their technological advantage and the recovery of the memory chip market.
