Alibaba Shares Surge After Major AI Announcement Including a New Chip and a Massive Data Center

Source: International Business Times

Intraday gains also went as high as 5% as investors reacted to a sweeping AI roadmap spanning semiconductors, cloud computing infrastructure and increasingly powerful Qwen models. AFP via Getty Images/Wang Zhao Alibaba shares climbed Tuesday after the Chinese technology giant unveiled a powerful new artificial intelligence chip and plans for a massive expansion of its global data center capacity, escalating its push to compete in the infrastructure race underpinning the AI boom. Shares of Alibaba rose around 3% in Hong Kong trading following the announcements at the company's annual Apsara Conference in Hangzhou.