BABA is trading about 4% down in pre-market at $126.27 as profit-taking continues to weigh on shares following a strong rally earlier this month.
- The decline follows a pullback that began on May 21, when investors used enthusiasm around the new Zhenwu M890 AI chip as an opportunity to lock in gains.
- With no new major headlines overnight, today’s price action appears to be a technical continuation of the recent correction.