Last year Alibaba Group Holding and other Chinese technology stocks suffered severely while their U.S. counterparts enjoyed gains of historic proportions. In 2022, the tide has turned. Buoyed by companies like Alibaba (ticker: BABA), Chinese tech stocks have significantly outperformed the S&P 500 and Nasdaq Composite this year—to say nothing of U.S. tech giants like Apple (AAPL) and Alphabet (GOOGL).