STOCKS | Alibaba Shares Fall Over 5% to Near One-Year Low, Extend Seven-Day Slide

Alibaba (9988) fell more than 5% to a near one-year low and extended its losing streak to seven sessions, with cumulative losses at one point exceeding 18%. According to Ming Pao, Bloomberg reported that Citi said China is preparing to invest 2 trillion yuan in building data centers nationwide for the AI sector, raising market concerns it could affect pricing and future returns for mega private firms including Alibaba, Tencent (0700) and Baidu (9888).