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Barchart
Barchart
Mohit Oberoi

4 Reasons to be Bullish on Alibaba Stock

Alibaba BABA China Economy Ant United States

Tech stocks have experienced an impressive rally in 2023, and the Nasdaq Composite ($NASX) had its third-best first-half performance ever. However, Chinese tech giant Alibaba (BABA) is up merely 7.8% for the year, and has lagged not only U.S. tech stocks but also its Chinese tech peers like Baidu (BIDU).

Alibaba stock hit its all-time high in 2020, then fell in both 2021 and 2022. While tech stocks in general underperformed markets in 2022, the sector was overall quite strong in 2021. BABA’s price action has trailed that of its U.S. tech peers for almost three years now - and at one point last year, it even fell below its 2014 initial public offering (IPO) price. 

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