Alibaba Stock Spikes 7.6% In Hong Kong As CEO Eddie Wu Reportedly Plans To Expand $53 Billion AI Spending

Shares of Chinese e-commerce giant, Alibaba Group (BABA), are surging amid 24-hour trading on Robinhood. The stock rose 7.98% to $176.10 on the platform popular with retail traders.
Alibaba Stock Is Spiking In Hong Kong

The stock is also spiking on the Hong Kong Stock Exchange, where it is up 7.59% at HKD 171.50 ($22.06) at the time of writing, after the company’s CEO, Eddie Wu, announced that it will be expanding its already massive investment outlay in AI infrastructure.