This FT News briefing covers three major stories: US tech stock declines driven by AI disruption fears, German Chancellor Friedrich Meritz's diplomatic mission to China amid trade tensions, and the state of the Ukraine-Russia war four years after the full-scale invasion began.

Host Mark Filipino speaks with Anselvain Chassiny, FT's Berlin Bureau Chief, about Germany's shifting trade relationship with China, and Ben Hall, FT's Europe editor, on Ukraine war negotiations and the conflict's impact on Ukrainian society.

Tech Stocks Tumble on AI Disruption Fears

NASDAQ composite dropped 1.10% with software companies bearing the brunt - Workday, CrowdStrike, and Datadog all declined significantly

Private capital firms tied to software also suffered with Aries, KKR, Apollo, and Blackstone posting significant falls

Franklin Templeton CEO told FT: 'you really have to question if enterprise software companies can thrive' as AI threatens the industry

Investors fled to safer assets with 10-year treasury yields falling and gold rallying more than 2%

Germany's High-Stakes China Trade Mission

Chancellor Meritz seeks to establish rapport with Xi Jinping while addressing China's transformation from opportunity to 'existential threat' for German industry

"Two-thirds of German cars exports to China have gone in the past three years" - Chassiny, highlighting the dramatic trade shift

Meritz's message: play a fairer trade game or expect European protectionist measures including tariffs and made-in-Europe requirements

Germany has shifted from staunch free trade defender to backing protection measures against cheap Chinese steel imports

Ukraine War Stalemate After Four Years

Ceasefire negotiations have stalled on territorial concessions and security guarantees despite repeated meetings including one scheduled in Geneva

"Neither side really feels under sufficient pressure to make any major concessions" - Hall on the negotiation deadlock

Ukraine now receives zero financial support from US, with all funding coming from Europe and other G7 countries, though weapons purchases continue

Ukrainian mistrust toward Trump administration persists, fearing he 'might still betray Ukraine and side with Russia' in negotiations

Ukraine's Transformation Through Tragedy

Ukraine's economy has shrunk 20% since the war began, with millions displaced and tens of thousands killed at the front lines

"It is not an understatement to say that this full-scale invasion has been the making of Ukraine as a nation" - Hall on Ukrainian resilience

Ukraine has successfully rallied Europe and Western countries to their side, with solidarity holding after four years of conflict

President Zelensky recently claimed Ukraine and Russia are at the 'beginning of the end of their war' in FT interview