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- Chinese Stocks BABA, JD, PDD Slide After Hong Kong Tech Index Falls Below 4,000, Even As US Market Edges Higher
U.S.-listed Chinese internet stocks Alibaba (BABA), JD.com (JD) and PDD Holdings (PDD) fell about 3.6%, 3.8% and 3.5% midday Wednesday, while the S&P 500 and Nasdaq rose. The Hang Seng Tech Index dropped 1.26% to 3,994.77, below 4,000 and its lowest since October 2024, while the Hang Seng closed 0.9% lower at 23,651.87. The KraneShares China Internet ETF (KWEB) lost about 2.5%, as U.S. tech stocks advanced on AI interest and news about SpaceX and Tesla. SPCX rose about 8% after reporting 161% revenue growth in the third quarter, and Musk said both companies had formed special committees to discuss a possible merger. The 10-year U.S. Treasury yield was near 5.1%, and Alibaba had reported a 75% profit decline for the June quarter.
- China Tech Stocks Slide While U.S. Market Rises: Alibaba Sinks 5%, JD.com and PDD Drop 4%
Alibaba (NYSE:BABA) shares fell 5% to $103.67 in morning trading, while JD.com (NASDAQ:JD) dropped 4% to $25.65 and PDD Holdings (NASDAQ:PDD) fell 4% to $78.21. The KraneShares CSI China Internet ETF (NYSEARCA:KWEB) slid 3% to $23.53, while the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) rose 0.5% to $772.84. The article says the three stocks fell by similar amounts despite different business models, from Alibaba's cloud and AI spending to JD.com's direct retail and PDD's discount marketplaces including Temu. It also cites a Reuters report that ByteDance, Alibaba and Tencent placed large orders for an NVIDIA workstation chip allowed under U.S. export limits, though NVIDIA may be able to fill only a small share of them.
- Alibaba Stock Is Down 38% From Its 2025 High. JPMorgan Sees 81% Upside
JPMorgan lowered its price target for Alibaba from $210 to $200 but kept its Overweight rating, implying about 81% upside from the roughly $110.80 share price on October 12. As of October 9, the stock was still about 38% below its October 29, 2025 closing high of $179.97, as profitability weakened amid heavy AI and quick-commerce investment. Normalized earnings per ADS fell about 59%, from RMB 65.41 in fiscal 2025 to RMB 26.80 in fiscal 2026, and in the June quarter net income dropped roughly 75% while free cash flow was an outflow of RMB 44.7 billion. On the positive side, AI Cloud and Compute Services revenue rose 45% year over year, and Bank of America's Joyce Ju raised her target to $178. The article stresses that JPMorgan's $200 target requires a meaningful earnings recovery, while the consensus target from 39 analysts is about $186.
- Alibaba Unveils $450 AI Glasses in Expanding Push Into Gadgets
Alibaba unveiled the new Qwen Glasses N1 series at an event in Hangzhou, with prices starting at 2,999 yuan ($450) before discounts, making them no cheaper than Meta's Ray-Ban smart glasses. The glasses feature improved 50-megapixel cameras, and a Pro edition priced at 3,499 yuan adds eye-tracking functions. Each charge provides 25 hours of standby time or 9 hours of music playback. Coming about a year after the first edition, the glasses integrate Alibaba's Qwen AI assistant more tightly, supporting voice commands through bone-conduction microphones along with shopping, payments and health tracking. Alibaba also started selling Qwen Clip AI earbuds, developed with Bose and priced at 1,299 yuan, as a more affordable way to access Qwen.
- Amazon.com vs. Alibaba: Which Consumer Stock Is a Better Buy in 2026?
The article compares Amazon.com (AMZN) and Alibaba Group (BABA), two e-commerce leaders in the US and China. For the fiscal year ended Dec. 31, 2025, Amazon reported revenue of nearly $716.9 billion, up 12.4%, net income of roughly $77.7 billion, and free cash flow of nearly $7.7 billion. For the fiscal year ended March 31, 2026, Alibaba reported revenue of roughly $153.2 billion, up about 2.7%, net income of nearly $15.5 billion, and negative free cash flow of roughly $7.6 billion. The article notes Amazon faces intense competition, antitrust scrutiny including a lawsuit set for trial in 2027, and reliance on China-based suppliers, while Alibaba faces a complex domestic regulatory environment and geopolitical tensions. It concludes that Alibaba appears significantly more affordable than Amazon on both forward earnings and trailing revenue multiples.
- Is Alibaba's AI Capex Push a Catalyst or a Risk for the Stock?
Alibaba Cloud is expanding AI infrastructure, targeting more than 20 gigawatts of global data center capacity by 2032 and unveiling the Zhenwu V900 chip, which is slated for mass production in the first quarter of 2027. Cumulative AI and cloud capex reached RMB 190 billion through June 2026, half of a three-year RMB 380 billion plan, and the company targets a payback period of about three years on AI capex. In the first quarter of fiscal 2027, AI Cloud and Compute Services revenue rose 45% to RMB 48.44 billion, but capex jumped 75% to RMB 67.68 billion, free cash outflow widened to RMB 44.67 billion, and net income fell 75% to RMB 10.44 billion. Alibaba's AI spending is still smaller than that of Microsoft and Amazon, and BABA shares have fallen 25% year to date. The article argues that delivering on payback targets is the key swing factor for the stock.
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- Bank Profits Surge
The 9-month 2026 results show many banks continued to grow profits, with some posting record quarterly earnings. VPBank's pre-tax profit reached nearly VND 30,000 billion, up nearly 47%, equal to its full-year 2025 result and about 72.4% of its 2026 plan; Q3 pre-tax profit topped VND 11,000 billion. Techcombank posted VND 28,900 billion (up 23.7%), while LPBank reported VND 10,421 billion (up nearly 9%). SSI forecasts pre-tax profit of its monitored banks to rise 19.5% in 2026 before slowing to 15.4% in 2027, pressured by narrowing net interest margins and rising credit risk provisions. It also expects system-wide credit growth of 16-17% in 2027 and 17.9% for the monitored banks.
- World's Largest Gold Fund Dumps Over 10 Tonnes of Gold as Prices Slide
SPDR Gold Trust, the world's largest gold fund, continued net selling of nearly 12 tonnes of gold in the 22/10 session, bringing total sales over 2 sessions to nearly 15 tonnes and cutting its holdings to about 1,046 tonnes. Spot gold fell more than 2.8% to around USD 4,025 per ounce at the close of 22/10, and briefly dipped below USD 4,000 per ounce in the morning session of 23/10. Tensions in the Middle East pushed crude oil prices higher, raising concerns about inflation and further Fed tightening, and gold has still not attracted sustained safe-haven demand even as US Treasury yields fell. US September CPI rose 0.6% month on month and 3.7% year on year, while PPI rose 1.3% and 6.3%. Markets price about an 84% chance the Fed holds rates steady at its 27-28/10 meeting and a 16% chance of a 25 basis-point increase; September PCE data due on 29/10 is the next key factor to watch.
- Gold Prices Continue to Fall
On the morning of 23/10, domestic gold prices kept falling, with SJC bar prices varying by seller and the premium over world gold widening. Công ty TNHH Vàng bạc đá quý Sài Gòn listed SJC bars at VND 139-142 million per tael (buy-sell), down VND 300,000; Phú Quý was at VND 138-141.8 million, down VND 500,000; and Mi Hồng at VND 140-141.5 million, down VND 800,000. Gold rings also fell by varying amounts, with DOJI at VND 138-142 million and Phú Quý at VND 138-141 million per tael. World gold dropped USD 129 to around USD 3,992 per ounce, equal to about VND 125.3 million per tael, leaving SJC bars about VND 16.7 million per tael above the world price. The State Bank's central rate was set at 25,627 VND/USD, down 5 dong, while Vietcombank quoted 25,660-26,040 VND/USD (buy-sell).
- Company Linked to Billionaire Pham Nhat Vuong Announces Major Good News
VEFAC (ticker VEF), a Vingroup subsidiary, posted Q3 net revenue of nearly VND 77 billion, up 67% year on year, but a gross loss of about VND 27 billion as cost of sales from its exhibition business exceeded revenue. Q3 profit rose mainly thanks to a gross gain of about VND 65 billion from transferring some schools in a project to a partner, while financial income reached over VND 388 billion, mostly from loan and investment income. For the first nine months of 2026, after-tax profit was nearly VND 865 billion, down about 94% from VND 15,418 billion in the same period of 2025, as the prior year included large gains from transferring part of the Vinhomes Global Gate project. As of 30/9/2026, total assets stood at over VND 31,905 billion, up 36% from the start of the year, while total liabilities exceeded VND 24,364 billion, with short-term customer advances rising from VND 411 billion to over VND 8,373 billion.
- Lotte and Phat Dat Officially Break Ground on VND 60,000 Billion Mega Project in Thu Thiem 'Golden Land'
A joint venture between Lotte Group (South Korea) and Phát Đạt (HoSE: PDR) officially broke ground on 23/10 on Lotte Eco Smart City Thu Thiem in the Thu Thiem New Urban Area, HCMC, with total investment of about VND 60,000 billion. The project covers nearly 7.5 ha and will combine Grade A offices, retail, services, accommodation and housing, adjoining the central plaza and central lake of Thu Thiem. Phát Đạt holds 35% of Lotte Properties HCMC, the project developer, and will develop the housing blocks along with two towers (2-1 and 2-3) with about 219,722 m2 of floor area, while Lotte handles block 2-5. Lotte Properties HCMC paid VND 17,569 billion in land-use fees on 31/7/2026, and Phát Đạt completed its VND 7,666 billion payment to take its 35% stake. MB is funding all of Phát Đạt's capital contribution, while VietinBank and BIDV also support the project.
- International Business : Global stocks nosedive as Meta dents AI optimism
Global stocks retreated as tech earnings failed to ease concerns about the AI outlook, with MSCI's All-World index set for its largest daily fall in two weeks, down 0.4 per cent. Meta beat third-quarter revenue expectations, but its plan to issue non-voting stock revived worries about its mounting capital commitments, and a New Mexico judge ordered it to pay a $25 billion penalty in a data privacy case. Brent crude rose nearly 3% to $112 a barrel, near a five-month high, after more Houthi attacks in Saudi Arabia raised supply risks. Investors moved into government bonds, pushing the US 10-year yield down to 5.05%, below France's for the first time in 13 years, while French yields have climbed above 5% amid concerns over social unrest and debt. The France-Germany 10-year spread reached 177.7 basis points, its widest since 2011, while gold fell 1.8% to $4,070 an ounce.
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