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BABA Stock News: Alibaba Group drops further as new chip restrictions weigh on Chinese ADRs

NYSE: BABA fell by 4.9% during Tuesday’s trading session.
Alibaba established a new 2.1-million-square-foot campus for its Cloud division.
The US export restrictions on semiconductor chips continued to weigh on Alibaba.

Stocks Reporter FXStreet

Alibaba Group (BABA) slipped further on Tuesday as the stock continued to see selling pressure following the United States restricting exports of semiconductors to China. Shares of BABA fell by 4.9% and closed the trading session at a price of $75.37. It was another volatile day of trading on Wall Street as stocks jumped higher out of the gate but erased those gains by the closing bell. The S&P 500 fell for the fifth straight day, while the Nasdaq closed at its lowest price since July 2020. Overall, the Dow Jones managed to post a 0.1% gain, while the S&P 500 and the Nasdaq fell by 0.7% and 1.1%, respectively, during the session.

Alibaba stock price

Alibaba recently established a brand new 2.1-million-square-foot complex for its Alibaba Cloud division in Hangzhou. The corporate campus spans ten different buildings and over 450,000 square meters of floor space. It is approximately the same size as Alphabet’s (GOOGL) Silicon Valley headquarters in Mountain View, California. Alibaba’s Cloud division continues to be one of its fastest-growing segments, accounting for 9% of its revenue in the most recent quarter.

Alibaba’s stock was clearly still being impacted by the recent export restrictions that were placed on China by the United States. The restrictions will see a ban on equipment being sold to China that previously allowed companies to make advanced chips. The purpose of the restrictions is to stifle Chinese technology and military advancements, so it should come as no surprise that Chinese tech stocks continued to show weakness on Tuesday.

BABA 5-minute chart 10/11/22

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