Asia Tech Wire (Mar 11) -- China's new energy stocks surged Monday as rumors spread about Nvidia CEO Jensen Huang.

Chinese stocks swung higher throughout the day on Monday, with NASDAQ-style ChiNext Index (SZ399006) leading the way.

In particular, Chinese battery maker Contemporary Amperex Technology Co., Limited (300750.SZ, CATL) performed well, rising more than 14% on the day.

By the close of trading, the Shanghai Composite Index rose 0.74%, the Shenzhen Composite Index rose 2.27%, and ChiNext Index rose 4.6%.

Looking at the sectors, solid-state batteries, flying cars, energy storage, liquid-cooled servers and other sectors were the top gainers.

Monday's stock market in mainland China saw many stocks up, which are related to photovoltaic, lithium-ion, electric power, energy storage and so on.

As China's new energy stocks soared, rumors related to Nvidia CEO Jensen Huang spread in the market.

Some articles and short videos on the Chinese Internet "quote" Huang as saying 'the end of AI is photovoltaic and energy storage, don't just think about computing power. If you only think about computing power, you need to burn up the energy of 14 earths,' a sentence widely circulated on Chinese social media platforms.

However, it is interesting that Huang did not say these words.

In fact, the quote comes from Huang's latest conversation with the UAE Minister of State Omar Al Olama at World Governments Summit on February 12, 2024, from which many of the screenshots accompanying the videos are originally taken.

Huang did mention in the conversation that AI and computing power require a lot of energy, saying that because computer performance has skyrocketed and become more efficient, people do''t have to endlessly configure computers and data centers and therefore don't need to consume as much energy.

This means that Huang did not explicitly mention photovoltaic and energy storage.