US EditionAlibaba, Tencent Shed $66 Billion After AI Vision Falls Flat
7 Articles
7 Articles
Alibaba and Tencent Lose $66 Billion as AI Spending Raises Investor Fears
Alibaba and Tencent lost a combined $66 billion in market value in roughly 24 hours, as investor optimism around AI gave way to concerns about rising costs and unclear returns.Tencent led the drop, losing about $43 billion in a single session — its worst in nearly a year. Alibaba followed, with its US-listed shares falling overnight and its Hong Kong stock down as much as 6.4% by Friday morning, wiping out another $23 billion.The selloff comes a…
Amidst huge expectations for advanced developments in artificial intelligence, two Chinese technology giants - Alibaba and Tencent - lost a combined $66 billion in value on the Hong Kong and New York stock exchanges in a single day. Investors 'punished' the companies after both presented huge investment plans in the field of AI, but without a clear path to profit in the near future. Alibaba published a weaker-than-expected quarterly report: Reve…
Alibaba and Tencent shares are breaking down: a loss of 66 billion dollars shows the growing scepticism about AI monetization. After a phase of high expectations around the global AI technologies, the market mood is abruptly tilting. Especially the lack of clarity in the sales strategy is burdening investors' confidence. The consequence: increasing investments meet declining margins and increasing pressure on [...] The post Alibaba, Tencent: AI …
Geopolitical unrest, higher energy costs and growing doubts about the profitability of artificial intelligence sent Asian markets in different directions on Friday, with Alibaba and Tencent losing more than 600 billion kroner in market value.
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