Quick Read – Alibaba (BABA) jumped 9% and Baidu (BIDU) gained 5% as traders rotated out of South Korean and Taiwanese chipmakers into beaten-down Chinese tech. – A pre-earnings briefing showing narrowing instant-commerce losses sparked the Alibaba move, after that unit drove…
ITA down 84% to $740 million last quarter. – Alibaba’s Cloud Intelligence Group revenue grew 38% and AI-related revenue hit 30% of external cloud sales, reinforcing the bull case ahead of August 17 earnings. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Alibaba didn’t make the cut. Grab the names FREE today
Shares of Alibaba (NYSE:BABA) are up 9% to $106 and change in early Wednesday trading, leading a broad rally in Chinese internet and e-commerce names. Alibaba stock closed at $98.14 on Tuesday, and even after this morning’s pop the shares remain down 28% year to date. The move extends well beyond Alibaba.
Baidu (NASDAQ:BIDU) shares are up 5% to $117.99, JD.com (NASDAQ:JD) shares are up 3% to $27.40, and PDD Holdings (NASDAQ:PDD) shares are up 2% to $84. Alibaba’s Hong Kong-listed shares climbed as much as 12%, the biggest jump since September. Traders are rotating into beaten-down Chinese mega-caps after a sharp selloff in South Korea and Taiwan chipmakers, with the Kospi falling 5%.