Why Shares of Alibaba, JD.com, and Taiwan Semiconductor Sank Today
Shares of Chinese e-commerce and tech giants Alibaba Group Holding (NYSE: BABA) and JD.com (NASDAQ: JD), along with semiconductor foundry Taiwan Semiconductor Manufacturing (NYSE: TSM), were falling in Friday trading, down 3.8%, 5.8%, and 2.6%, respectively, as of 1:33 p.m. ET.
There wasn't much in the way of company-specific news today, as Alibaba gave back yesterday's gains, when the company reported better-than-expected earnings. But today's pullback seemed sector-wide across both semiconductor and China-related stocks.
This week, President Biden signed an executive order further limiting U.S. venture capital and private equity investment in China. Then at a fundraiser yesterday, Biden called China a "ticking time bomb." The combined events seemed to rankle investors in both Chinese stocks and China-sensitive stocks like TSMC to end the week.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
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