Alibaba Stock Plummets Amid AI Theft Allegations by Anthropic

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2026-06-25 23:52:02

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Alibaba Group Holding Limited (BABA) shares tumbled to a 16-month low in Hong Kong trading, shedding as much as 4.9% following explosive accusations from AI firm Anthropic. The selloff rippled across Chinese tech stocks, dragging Baidu (BIDU) and Xiaomi (XIACY) down over 3% in sympathy.

Anthropic's letter to White House officials and U.S. senators alleges an "industrial-scale" campaign of model distillation by Alibaba's AI lab. The technique—training weaker models on outputs from Claude AI—represents the latest flashpoint in escalating U.S.-China tech tensions. Nomura's subsequent 15% cut to Alibaba's 2027 EBITA forecast compounded the bearish sentiment.

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