Alibaba Shares Crater After Anthropic AI Access Accusation
Alibaba stock hit a 16-month low in Hong Kong after Anthropic accused it of illicitly accessing its AI models.
Alibaba took a brutal hit in Hong Kong trading, sliding roughly 5% to a 16-month low. The trigger: Anthropic accused the Chinese tech giant of illicitly accessing its AI models.
The drop compounds an already ugly year for Alibaba, pushing its year-to-date decline to 33%. The company wasn't alone in the selloff — fellow Chinese tech names Xiaomi and Baidu each fell more than 3%.
The accusation from Anthropic, the AI company behind the Claude family of models, marks a significant escalation in tensions around AI model security and unauthorized access. Details on the exact nature of the alleged illicit access remain limited.
For Alibaba shareholders, it's another blow in what's been a punishing stretch. A one-third wipeout in market value this year tells its own story.