Alibaba Stock Soared 56% in Q1 While the Nasdaq Plunged 10%. Here's Why.
China's e-commerce powerhouse appears to have finally let go of what was holding it back from entering a new era.
Given the stock's poor performance since its pandemic-prompted peak in late 2020, it would have been easy to give up on China's e-commerce giant Alibaba Group (NYSE: BABA). And plenty of investors did.
Yet in outright defiance of the Nasdaq Composite's (NASDAQINDEX: ^IXIC) 10% tumble during the first quarter -- its worst quarter since the bear market of early 2022 -- Alibaba shares rallied to the tune of 56% during Q1 this year.
Don't look for a single specific reason Alibaba's stock has done so well so far this year. You won't find it. Rather, take a step back and look at the bigger picture. Several different complementary factors are converging here.
