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Alibaba’s Letdown Tempers the Outlook for China’s Tech Revival

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By Charlotte Yang, Claire Che, and Luz Ding

May 16, 2025 at 3:59 AM UTC

Updated on

May 16, 2025 at 5:08 AM UTC

China’s long-moribund tech sector started 2025 with a bang.

DeepSeek came out of nowhere to challenge US supremacy in AI. Xi Jinping publicly celebrated the nation’s most prominent entrepreneurs from Jack Ma to Liang Wenfeng. Shares in China’s biggest tech firms staged their headiest rally since 2020.