Alibaba shares rise over 6% after CEO unveils plans to boost AI spending

Alibaba's Hong Kong-listed shares surged connected Wednesday to scope their highest constituent since 2021 aft the institution said it volition put much successful artificial quality and rolled retired caller AI products and updates. 

Shares of the institution jumped implicit 6%, portion its full gains twelvemonth to day roseate supra 107%. 

The tech elephantine plans to summation spending connected AI models and infrastructure development, connected apical of the 380 cardinal yuan ($53 billion) implicit 3 years it announced successful February, Chief Executive Officer Eddie Wu said Wednesday astatine Alibaba Cloud's yearly flagship exertion conference.

"We are vigorously advancing a three-year, 380 cardinal [yuan] AI infrastructure inaugural with plans to prolong and further summation our concern according to our strategical imaginativeness successful anticipation of the [artificial superintelligence] era," Wu said. 

Alibaba shares surge aft CEO unveils plans to boost AI spending

So-called 'artificial superintelligence' refers to AI that would hypothetically surpass the powerfulness and quality of the quality brain, with the hypothetical benchmark becoming a increasing absorption of large AI companies. 

Alibaba besides officially unveiled the latest mentation of its Qwen ample connection models — the Qwen3-Max — connected Wednesday, on with a bid of different updates to its suite of AI merchandise offerings. 

Wu highlighted that Alibaba Cloud is strategically positioned arsenic a "full-stack AI work provider," delivering the computing powerfulness required for grooming and deploying ample AI models connected the unreality done its ain information centers.

"The cumulative concern successful planetary AI successful the adjacent 5 years volition transcend $4 trillion, and this is the largest concern successful computing powerfulness and probe and improvement successful history," helium added.