Alibaba shares are trading around $157.56 in after-hours, roughly flat on the day after a modest recent pullback from a brief rally at the start of December, suggesting no major new company-specific shock is driving the latest move. The stock’s 2025 strength has been supported by improving sentiment on its e-commerce recovery, rapid AI and cloud-related growth, and views that the shares remain undervalued relative to other large tech names, while some analysts also flag softer earnings revisions and ongoing China-related policy risks. Against a backdrop of a broadly firm U.S. equity market and rising expectations for a Federal Reserve rate cut at the upcoming meeting, Alibaba appears to be trading largely in line with constructive risk sentiment rather than reacting to fresh headlines, leaving the recent consolidation near the mid‑$150s level more about digestion of earlier gains than a response to new developments.