Alibaba makes major AI chip move as Nvidia faces new threat

What happened: Alibaba said its semiconductor subsidiary T-Head filed a secret IPO application on Sept. 11, after the Hong Kong Stock Exchange approved the proposed spin-off to continue. Key numbers: T-Head founded in 2018. Zhenwu V900 processor claims three times the performance of its previous generation. Why it matters: Alibaba said the spin-off might let T-Head raise money independently and let investors better evaluate its semiconductor activities. T-Head's relevance has grown as Chinese IT firms seek alternatives to Nvidia amid U.S. export restrictions. Market: -1.0% today ($100.60), -32.4% YTD, 0.9x vol — as of 08:45 UTC

Alibaba said its semiconductor subsidiary T-Head filed a secret IPO application on Sept. 11, after the Hong Kong Stock Exchange approved the proposed spin-off to continue.

Alibaba said the spin-off might let T-Head raise money independently and let investors better evaluate its semiconductor activities. T-Head's relevance has grown as Chinese IT firms seek alternatives to Nvidia amid U.S. export restrictions. Market: -1.0% today ($100.60), -32.4% YTD, 0.9x vol — as of 08:45 UTC