From Barron’s: 2024-07-09 16:36:00

Shares of Baidu, China’s top search engine, jumped 8% Tuesday, while Alibaba rose 3%, signaling possible growth for Chinese tech stocks. Baidu closed at $95.40, up 8.5%, and Alibaba settled at $75.70. The KraneShares CSI China Internet ETF also rose 2.6% to $28.04.

Both Baidu and Alibaba had seen declines earlier this year. Baidu’s shares had dropped over 25% since January, while Alibaba was down 2.4% in 2024. Geopolitical tensions and China’s economic slowdown have impacted Alibaba’s performance.

Baidu’s strong AI technology has helped boost earnings, with CEO Robin Li crediting AI Cloud for revenue growth. The company’s upcoming earnings report on August 27 will be closely watched. Despite recent struggles, Chinese tech stocks like Baidu and Alibaba show signs of improvement.



Read more at Barron’s: Baidu Shares Rise as Chinese Tech Leader Claws Back Recent Losses