Xiao-I Corporation shares fall 4.95% intraday despite Xiaomi's 30.5% revenue increase in Q2.

Xiao-I Corporation dropped 4.95% intraday, despite Xiaomi's revenue in the second quarter rising by 30.5 percent, exceeding analysts’ expectations. The Chinese tech company owes its revenue growth mainly to strong smartphone sales in Southeast Asia. Furthermore, Xiaomi delivered 81,302 electric vehicles in the second quarter and launched a new model, the YU7. However, the broader market sentiment was bearish, with technology stocks underperforming due to concerns about an expected September downturn and the upcoming Fed meeting.