Alibaba announces plans to list T-Head, its Nvidia chip rival

Résumé détaillé

Alibaba noted it had already filed confidentially on Sept. 11 to list T-Head on the Hong Kong Stock Exchange.

Chinese tech and e-commerce giant Alibaba announced late Tuesday that the Hong Kong Stock Exchange will allow the company to spin off its semiconductor subsidiary T-Head.

To do so, Alibaba said it plans a public offering for shares of T-Head in Hong Kong, subject to approval from the exchange and the China Securities Regulatory Commission.

Alibaba noted it had already filed confidentially on Sept. 11 to list T-Head on the Hong Kong Stock Exchange.

Meanwhile, Hong Kong-listed shares of Alibaba traded 1% lower Wednesday morning. The stock is down about 29% year-to-date.

In late September, Alibaba announced its next-generation AI chip, the Zhenwu V900, that it said delivers three times the performance of its predecessor, the Zhenwu M890 released in May.

Alibaba is one of several Chinese companies, including Huawei, developing homegrown semiconductors to power artificial intelligence, amid growing U.S. restrictions on China's ability to access the chips.

Short seller Culper Research alleged in May that Alibaba was able to obtain restricted Nvidia chips by indirectly financing entities in Southeast Asia. Alibaba did not immediately respond to a request for comment.

News of Nvidia CEO Jensen Huang's affair with an alleged Chinese spy involved with one of those entities has dragged down the stock to its lowest valuation since late March, weighing on the overall U.S. stock market.

Amid the tech stock volatility, U.S.-based AI giant Anthropic said in an updated filing Tuesday that it will offer 825 million shares in its upcoming IPO at a price range between $70 and $78 per share.

Début de l'article, extrait de CNBC. Pour lire la suite, ouvrez l'article chez le média.