Alibaba, Tencent lose $66 bn on AI woes

ALIBABA GROUP HOLDING and Tencent Holdings lost $66 billion of market value in roughly 24 hours, after the market punished the twin leaders of China’s tech arena for failing to lay out clear visions for how to profit off artificial intelligence.

- BLOOMBERG

Alibaba’s US shares fell their most since October, following Tencent’s worst drubbing in almost a year on Thursday. Investors that had piled into the sector’s biggest names over the past week — betting the advent of OpenClaw-style Al agents would galvanize the industry — reversed course after disappointing results, with no clear path to monetization in sight. The dramatic reaction reflects investors’ anxiety about the increasing amounts that China’s tech leaders are plowing into data centers, talent hires and model development—without a roadmap to actual revenue.