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Why Alibaba Stock Keeps Going Down

Why Alibaba Stock Keeps Going Down

For the third trading day in a row, shares of Alibaba Group (NYSE: BABA) are sliding down, as investors continue to reckon with Alibaba's decision to not IPO its Cloud Intelligence Group (CIG) cloud computing and artificial intelligence (AI) business, but keep it in-house instead. This morning, Reuters reported that Alibaba is shuttering its quantum computing research lab (which was part of the AI effort) entirely and donating the equipment to Zhejiang University. Alibaba stock fell 2% through 11:30 a.m. ET in response.