Alibaba, Tencent shares fall on report U.S. weighs curbs on remote AI chip access

What happened: Alibaba (HK:9988) and Tencent (HK:0700) shares fell after The Information reported the U.S. Commerce Department was preparing to finalise rules barring Chinese AI companies from remotely accessing advanced chips via overseas data centres. Key numbers: Alibaba Why it matters: The restrictions aim to stop Chinese companies from accessing advanced processors remotely and to curb smuggling of restricted chips into China. The report comes amid growing scrutiny of Nvidia's China-related business and Washington's efforts to tighten enforcement of semiconductor export restrictions. Market: -1.2% today ($404.80), -34.3% YTD, 0.5x vol — as of 05:53 UTC

Alibaba (HK:9988) and Tencent (HK:0700) shares fell after The Information reported the U.S. Commerce Department was preparing to finalise rules barring Chinese AI companies from remotely accessing advanced chips via overseas data centres.

The restrictions aim to stop Chinese companies from accessing advanced processors remotely and to curb smuggling of restricted chips into China. The report comes amid growing scrutiny of Nvidia's China-related business and Washington's efforts to tighten enforcement of semiconductor export restrictions. Market: -1.2% today ($404.80), -34.3% YTD, 0.5x vol — as of 05:53 UTC