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.
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