Do potential inflation or rise in interest rates in the US affect US traded stocks like SE, BABA which do not necessarily operate in the US market?

Ultimately, a stock is a stake in the company ownership. If a company does well fundamentally, interest rates should not affect it too much. If Im not wrong, you can trend interest rates against S&P performance and determine is there is a undisputed correlation.

I think they will still be affected in terms of a downward revision to their valuation. When there's inflation, the expectations of their future earnings would decrease. This discount in their future earnings will be reflected when calculating the valuation of the stock, resulting in a lower intrinsic value, so some institutional investors may be turned off