U.S. Stock Night Market MovementsAlibaba fell 4.09% in the night market. Based on recent key news:<ol><li>On February 2, Alibaba's Qianwen App announced an investment of 3 billion yuan to launch a Spring Festival campaign, promoting AI from chatting to task execution. This move is seen as an important strategy for Alibaba to compete for user mindshare in the AI era, causing a slight decline in stock price.</li><li>On February 2, the Hong Kong stock market fell overall, with the Hang Seng Index's decline widening. Alibaba's stock price dropped 2.48%, dragging the index down by 56 points, reflecting general market concerns about technology stocks.</li><li>On February 2, Alibaba's stock price fluctuated amid large transactions, with a transaction amount exceeding 128 million yuan, indicating market attention to its short-term performance. The intensifying competition in the tech industry has increased liquidity risks.</li></ol>Stocks with High Trading Volume in the IndustryAmazon rose 0.38% in the night market. Based on recent key news:<ol><li>On February 1, Amazon announced plans to lay off about 16,000 employees to streamline its organizational structure and improve efficiency. This move attracted market attention, and the stock price rose by 2.1%. Source: Reuters, Bloomberg</li><li>On February 2, Amazon's cloud computing business AWS increased its capacity, with expected fourth-quarter revenue growth of 22% year-on-year, exceeding market expectations. This growth has driven the company's valuation recovery. Source: Zhitong Finance</li><li>On January 31, Saxo Global terminated its partnership with Amazon, impacting Amazon's e-commerce business. Source: Zhitong Finance. Strong demand for AI has significantly boosted cloud computing business growth.</li></ol>JD.com fell 2.03% in the night market. Based on recent key news:<ol><li>On February 2, JD.com signed a strategic cooperation agreement with the China-Britain Business Council to promote deep cooperation between British brands and the Chinese market. This move may enhance JD.com's international business influence, but its short-term impact on stock price is limited. Source: JD.com official website</li><li>On January 31, ZTE Corporation signed a strategic cooperation agreement with JD.com, planning to achieve sales exceeding 10 billion in the next three years. This cooperation may enhance JD.com's market share, but it did not immediately boost the stock price. Source: Zhitong Finance</li><li>On February 2, JD.com's stock price showed weak fluctuations, influenced by industry profit pressures and consumer recovery falling short of expectations, leading to strong market wait-and-see sentiment. Source: Wall Street Journal. E-commerce growth is slowing, and liquidity is under pressure.</li></ol>Pinduoduo fell 1.38% in the night market. Based on recent key news:<ol><li>On January 31, analyst ratings showed that Pinduoduo currently has a hold rating and is not included in the recommended buy list. Analysts believe that five other stocks are more attractive, which may affect investor confidence and lead to a decline in stock price; Source: MarketBeat</li><li>On January 30, competition in cross-border e-commerce intensified, with Shenzhen sellers improving quality. The Shenzhen E-commerce Service Center pointed out that the cross-border e-commerce market has shifted from scale expansion to quality improvement, putting Pinduoduo under industry competition pressure; Source: Shenzhen E-commerce Service CenterOn January 30th, the gap between leading and small to medium-sized sellers has widened, demonstrating the Matthew effect. Small to medium-sized sellers face survival challenges and need to operate more meticulously to cope with competition, which may affect Pinduoduo's market performance; Source: Jia Zheng, Vice President of Shenzhen Smart Big Data Technology Research Institute. Competition in cross-border e-commerce is intensifying, with quality being paramount</li></ol>

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Alibaba fell 4.09% in the night session; Amazon rose 0.38% in the night session, with a transaction volume of USD 4.81 million; JD.com fell 2.03% in the night session, with a transaction volume of USD 2 million; Pinduoduo fell 1.38% in the night session, with a transaction volume of USD 1.46 million

- Alibaba's stock dropped by 4.09% in after-hours trading due to several recent developments, including plans to invest 3 billion yuan in AI marketing initiatives.  
- Concurrently, tech stocks faced a general decline in the Hong Kong market, with Alibaba contributing a 2.48% decrease to the Hang Seng Index amidst fears regarding the sector's performance.  
- Other companies, such as Amazon and JD.com, also showed mixed results with fluctuating stock prices influenced by strategic initiatives and market conditions in the e-commerce sector.

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U.S. stock night trading volatility: Alibaba fell 4.09% in night trading, as the Spring Festival activities failed to boost the stock price, raising market concerns about the outlook for tech stocks