Alibaba Group and Tencent lost $66B in market value within 24 hours as investors punished China’s tech giants for unclear AI monetization plans. Alibaba’s US shares fell most since October, Tencent its worst in a year. Heavy AI investments in data centers, talent, and models worry investors amid a consumer downturn and Alibaba’s 67% quarterly net income drop. Analyst Catherine Lim notes markets await measurable revenue from AI via cloud, advertising, or transactions; without clarity, investor ca

Alibaba Group and Tencent lost $66B in market value within 24 hours as investors punished China’s tech giants for unclear AI monetization plans. Alibaba’s US shares fell most since October, Tencent its worst in a year. Heavy AI investments in data centers, talent, and models worry investors amid a consumer downturn and Alibaba’s 67% quarterly net income drop. Analyst Catherine Lim notes markets await measurable revenue from AI via cloud, advertising, or transactions; without clarity, investor caution persists. US hyperscalers spend far more on AI.