Alibaba shares slide as AI deal with Apple faces U.S. scrutiny

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Alibaba shares slide as AI deal with Apple faces U.S. scrutiny - Fortune

Quick Summary:

Alibaba’s stock dropped as much as 4.8% on Monday in Hong Kong, leading declines on the Hang Seng China Enterprises Index.

Apple’s sales from China fell 2.3% in the quarter ended March 29, as it struggled to fend off local rivals including Xiaomi Corp.and Huawei Technologies Co.“Apple has much more to lose than Alibaba if it walks away from the AI deal,” said Vey-Sern Ling, managing director at Union Bancaire Privee.“Ultimately Apple will need an AI partner in China or its phones will lose competitiveness.

The broader gauge was down 1.4% before paring its drop.