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Alibaba Tencent Rout
Description
Alibaba and Tencent shed $66B in combined market value in 24 hours as investors grew skeptical of AI monetization plans. Alibaba reported a 67% drop in quarterly net income while pledging $53B+ in AI investment and targeting $100B in cloud and AI revenue over five years. Tencent posted its worst single-day decline in nearly a year.
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