Alibaba rose nearly 2% in premarket trading as it unveils one of China’s most advanced chips
Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.The company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency.The newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in
