Alibaba stock fell 2% in overnight trading. China's Alibaba is likely to highlight its artificial intelligence strategy with its quarterly results on Friday.

The companies have invested billions of dollars into AI over the past three years following the global success of ChatGPT, hailing it as a key revenue driver.

Analysts estimate revenue from its cloud business which includes AI-related product sales grew just 4.3% in the April-June quarter from the previous quarter to 31.4 billion yuan ($4.4 billion), according to LSEG data. That would be up 18% from a year earlier, but suggests growth is slowing.

Chip stocks fell in overnight trading after Nvidia’s earnings. SOXL, Super Micro fell over 2%; AMD, TSMC fell over 1%; Micron, Broadcom fell within 1%.

Trip.com shares rose over 8% in overnight trading following the release of better-than-expected second quarter financial results and the announcement of a new $5 billion share repurchase program.

The leading global travel service provider reported Q2 revenue of RMB 14.8 billion ($2.1 billion), representing a 16% year-over-year increase and surpassing analyst estimates of RMB 14.64 billion. Net income rose to RMB 4.9 billion ($681 million), up from RMB 3.9 billion in the same period last year. Adjusted earnings per ADS came in at RMB 7.20 ($1.01), beating the consensus forecast of RMB 6.13.

Shares of Tuya Inc. rose 6.7% in overnight trading. The stock's impressive performance comes in the wake of a bullish stance from a prominent Wall Street analyst.

Jefferies analyst Matt Ma reaffirmed his Buy rating on Tuya stock, setting a price target of $3.60. This target represents a substantial upside potential from the stock's opening price of $2.80 on Wednesday. The maintained positive outlook from Jefferies appears to have sparked investor confidence, driving the stock's upward momentum.