Movement Alert｜Alibaba Falls 3.02% in Pre-Market Trading, US Tech Giants AI Spending Concerns Weigh on Chinese Tech Stocks

Market Focus07-24 16:07

On July 24, Alibaba fell 3.02% in pre-market trading, trading at $112.15/share, with turnover of $3.3372 million.

On the news front, Alphabet reported Q2 capital expenditure of $44.9 billion, marking its first-ever negative free cash flow quarter, and raised full-year capex guidance to $195-205 billion. This triggered broad market concerns over inflating AI investment and slow profitability realization, dragging down the US Magnificent Seven tech stocks collectively.

The spillover effect hit Chinese tech names hard. During the earlier Hong Kong trading session, Alibaba had already declined over 5%, with southbound funds continuing net selling in recent sessions. Notably, major public fund managers significantly reduced Hong Kong-listed internet holdings during Q2, with prominent fund manager Zhang Kun slashing his Hong Kong stock allocation from 46% to 25%. Market participants remain concerned that massive AI-related capital expenditure could erode tech sector profitability and compress valuations across the board.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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