Alibaba Group’s headline-grabbing rally tops off what’s been an incredible month for Chinese tech stocks.
In late January, the sudden arrival of made-in-China artificial intelligence app DeepSeek pulled the rug out from under Wall Street’s “Trump trade” party. The surge was driven by bets that US President Donald Trump’s policies would send US shares skyward.
Part of the excitement was Trump’s enthusiasm for AI, one shared with his benefactor Elon Musk. Trump punctuated the point on January 21, when he stood shoulder-to-shoulder with OpenAI’s Sam Altman, Oracle’s Larry Ellison and SoftBank’s Masayoshi Son at the White House to spotlight a US$500 billion Al infrastructure project.
