The shares of two major Chinese tech companies, Alibaba and Tencent, suffered massive market losses estimated at around $66 billion within about 24 hours. This came after the results of both companies disappointed investors who had been betting in recent days on a boom driven by generative AI applications. Tencent lost about $43 billion of its market value in a single session, while Alibaba lost $23 billion in U.S. trading, in addition to its stock in Hong Kong falling by as much as 6.4%. This rapid shift in sentiment followed a wave of optimism fueled by 'smart agent' platforms like OpenClaw, which sparked widespread excitement with their ability to perform tasks.
