Alibaba Stock Falls 7.3% on Chip Fears

Alibaba Group Holding stock sank by up to 7.3% on Thursday as worries grew that Washington could look more closely at Chinese access to cutting-edge AI chips. Peers like Z.ai and MiniMax Group slid at least 8%. The drop follows allegations that Alice Huang moved roughly 240,000 Nvidia chips into China, a claim Reuters could not independently verify.