Alibaba Group Holding Ltd. is scaling back its presence in Silicon Valley—a sign that the Trump administration’s crackdown on Chinese investment in U.S. companies is casting a chill.
After a flurry of deal-making, the Chinese e-commerce giant’s corporate venture arm has announced only one fresh investment in the U.S. this year, leading a $26.4 million funding round in a New York and Tel Aviv data-analysis startup called SQream Technologies. And that’s a tiny deal compared with the hundreds of millions Alibaba lavished on high-profile U.S. companies such as Magic Leap, Jet.com and Snap Inc.
