Plus, 2 other China-based stocks to watch
Alibaba Group Holding Ltd - ADR (NYSE:BABA) and semiconductor giant Nvidia (NVDA) recently announced they are collaborating on an advanced autonomous-driving solution for Chinese automakers using artificial intelligence (AI). Below, we will take a look at how BABA is reacting, and check on its China-based peers Baidu Inc (NASDAQ:BIDU) and JD.Com Inc (NASDAQ:JD).
BABA is up 2.1% to trade at $90.12 at last check, and earlier hit a fresh 52-week high of $91.14, breaking above a ceiling at the $86 level. The 40-day moving average has been acting as support since late July, containing several pullbacks along the way. BABA now sports a 17.2% year-to-date lead.
Last seen up 4.2% to trade at $29.82, JD has yet to conquer pressure at the $30 region, which has rejected several rallies since June. Shares sport a 15.3% quarter-to-date lead, but have slipped below their year-over-year breakeven.
BIDU is up 2.7% to trade at $88.54, bouncing off a pullback that came close to its Aug. 5, nearly two-year low of $79.68. The stock is eyeing its first close above the 60-day moving average since July, but still carries a 25.8% deficit for 2024.