On July 24, Alibaba fell 3.02% in pre-market trading, trading at $112.15/share, with turnover of $3.3372 million.

On the news front, Alphabet reported Q2 capital expenditure of $44.9 billion, marking its first-ever negative free cash flow quarter, and raised full-year capex guidance to $195-205 billion. This triggered broad market concerns over inflating AI investment and slow profitability realization, dragging down the US Magnificent Seven tech stocks collectively.

The spillover effect hit Chinese tech names hard. During the earlier Hong Kong trading session, Alibaba had already declined over 5%, with southbound funds continuing net selling in recent sessions. Notably, major public fund managers significantly reduced Hong Kong-listed internet holdings during Q2, with prominent fund manager Zhang Kun slashing his Hong Kong stock allocation from 46% to 25%. Market participants remain concerned that massive AI-related capital expenditure could erode tech sector profitability and compress valuations across the board.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)