I think the main reason alibaba got beat down was because it was moving from "tech" into finance offering unregulated loans and jack ma criticizing regulators did not help at all.
And alibaba was not "deep tech", more like derivative tech. It's just a ecommerce site. It takes a lot of technical expertise to operate that at a large scale for sure, but at the end of the day, it's not the kind of fundamental tech free from sanctions that the chinese government wanted to pivot its tech industry to.
And alibaba was not "deep tech", more like derivative tech. It's just a ecommerce site. It takes a lot of technical expertise to operate that at a large scale for sure, but at the end of the day, it's not the kind of fundamental tech free from sanctions that the chinese government wanted to pivot its tech industry to.