Apple sales have been struggling in China—iPhone revenue slumped 25% there in the fourth quarter—as the trade wars between the two biggest economies heated up.

The stock of tech giant Alibaba — whose shares had been beaten down since Beijing's yearslong Big Tech regulatory crackdown — has soared 38% this year so far in Hong Kong. The stock's dual listing on the New York Stock Exchange is up 33%.

Alibaba faces a lot of formidable challenges, but it will likely remain China's top e-commerce and cloud company for the foreseeable future. If you expect it to weather the near-term headwinds as it expands its higher-growth overseas commerce, logistics, cloud, and AI businesses, then it could be the perfect time to buy its undervalued stock.

After a pretty steep earnings decline in some of these American technology stocks, they are still trading within 10% of their 52-week highs, not to mention close to their all-time highs. Alibaba’s all-time high price is just over $300 a share, so comparing these two sets of companies can lead investors to one conclusion.

Alibaba stock rallied again in Wednesday morning trading, pushing shares of the China tech giant up toward a two-year high. A reported partnership with Apple is helping bolster confidence in Alibaba's AI strategy.