Alibaba's U.S.-listed shares fell by 2% following its announcement of a $10.2 billion issuance of new shares to non-U.S. investors, with the funds earmarked for enhancing its AI infrastructure. This move highlights Alibaba's commitment to advancing its technology capabilities, but it may also raise concerns among investors about dilution of existing shares.
The semiconductor sector continues to struggle, with the iShares Semiconductor ETF (SOXX) down nearly 2% after a 5.5% drop the previous week. Key players like Marvell Technology, Advanced Micro Devices, and Intel experienced declines of 3.5% and 2%, respectively. Memory storage companies also faced pressure, with Sandisk dropping over 5% and Micron Technology down 3.5%.
In contrast, steel manufacturers Nucor and Steel Dynamics saw gains of over 4% and 3.5%, respectively, following the collapse of trade negotiations between the U.S. and Canada, which could lead to retaliatory tariffs targeting the U.S. steel industry.
Meanwhile, cryptocurrency trading platforms Robinhood and Coinbase experienced slight declines of 1% after Bitcoin prices stabilized around $77,000 following a significant rally. Lastly, Jersey Mike's Subs saw a modest increase of 0.5% after several Wall Street firms initiated coverage with buy ratings, indicating potential for growth as analysts view the stock as undervalued