What's Going On With Alibaba Stock Thursday?
Alibaba's stock rose 5.06% to $177.20 amid reports of an impending IPO for its chip unit, T-Head, as Chinese tech firms seek to capitalize on domestic AI hardware amid global supply restrictions. T-Head, established in 2018, is being restructured for employee ownership before a potential public listing. Concurrently, Baidu is also planning a spin-off of its AI chip unit, Kunlunxin, with a Hong Kong IPO expected to raise up to $2 billion, reflecting the push for domestic AI chip capabilities in light of U.S. export controls.
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