Why Alibaba Stock Rose Today

Shares of Alibaba (NYSE: BABA) moved higher Tuesday after the company unveiled a new high-tech microchip to run its cloud servers. The semiconductor is one of China's most advanced and could help change the narrative around the stock, which has been battered due to Beijing's regulatory crackdown on China's tech sector giants. Alibaba said the new chip is built using advanced 5-nanometer technology, and represents a significant step toward China's goal of manufacturing more of its own semiconductors.