Chinese stocks were slumping early Thursday after a high-profile summit between Presidents Joe Biden and Xi Jinping, and a warning from Alibaba. Alibab will not spin off its cloud division as planned because of expanded U.S. export controls on chips have created uncertainty for the business.
Shares of e-commerce giant Alibaba (ticker: BABA) down 8.2%.
JD.com stock was down 3.2%
Baidu (BIDU) fell 3.2%.
Electric-vehicle makers also declined.
BYD down 2%
NIO -6.93%
XPeng (XPEV) down 3.3%
Li Auto (LI) 2.7% lower.
There were no announcement from Biden or Xi about reducing restrictions on chips and batteries.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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