Chinese technology stocks are in a freefall despite making major investments in the artificial intelligence (AI) industry.
Top Chinese AI Stocks Have Plunged
Alibaba (NYSE:BABA), a top e-commerce and cloud computing company that has launched several AI models, dropped to $124 on Friday, down by 35% from its highest point last year.
Similarly, Tencent (OTC:TCEHY) stock dropped to $54, its lowest point since April last year. It peaked at $87.7 in October last year.
PDD Holdings (NASDAQ:PDD), an e-commerce company known for its Temu brand, also plunged to $84 from the year-to-date high of $140.
