What's Going On With Alibaba Stock Thursday?

Alibaba Group Holding Limited BABA stock is trading lower Thursday in sync with KraneShares Trust KraneShares CSI China Internet ETF KWEB amid reports of China's President Xi Jinping calling for accelerated efforts to make breakthroughs in core technologies.

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During a speech on promoting the development of the Yangtze River economic belt, Xi also maintained the goal of contemporizing China's supply chains, developing advanced manufacturing, and strategic emerging industries, Reuters cites state media.

The U.S. recently shared its plans to ramp up semiconductor tech sanctions on China, including the artificial intelligence chip technology that gained momentum with OpenAI's ChatGPT.

China is eyeing a $40 billion state fund to boost the chip industry. China's Huawei Technologies and China's top chipmaker, Semiconductor Manufacturing International Corp (SMIC), have built an advanced 7-nanometer processor to power its latest smartphone.

Price Action: BABA shares traded lower by 2.69% at $85.41 on the last check Thursday.