00:00It's Benzinga bringing Wall Street to Main Street
00:02Alibaba Group and Tencent lost $66 billion in market value in about 24 hours as investors
00:08reacted to unclear plans for monetizing artificial intelligence, according to Bloomberg.
00:14Alibaba's U.S. shares posted their largest drop since October,
00:17while Tencent recorded its worst decline in nearly a year.
00:21Investors reversed positions after recent gains tied to excitement around open-cloud-style AI
00:26agents. Concerns grew over rising spending on data centers, talent, and models without a
00:31revenue roadmap. Alibaba reported a 67% drop in quarterly net income. The company pledged more
00:38than $53 billion in AI investment and set a $100 billion cloud and AI revenue target over five
00:45years, while raising cloud service prices by up to 34%. For all things money, visit Benzinga.com.
Comments