U.S. nears half of global stock market cap as Alibaba, Tencent falter

Chinese tech groups have fallen out of the world's 10 most valuable companies

China's Alibaba Group Holding faces regulatory headwinds and dimmer consumer spending growth prospects at home. © Reuters

YOSHIKAZU IMAHORI, HIROFUMI TAKEUCHI and KENSAKU IHARA, Nikkei staff writers

February 6, 2024 03:30 JST

TOKYO/NEW YORK/HONG KONG -- As Chinese tech companies struggle with an economic slump and fall behind in artificial intelligence, U.S. corporations now account for nearly half of global stock market value, the highest level of concentration in two decades.