Alibaba Shares Surge On Expanded AI Push, New Qwen3-Max Model, And Global Data Center Plans

Benzinga

Alibaba shares surged after pledging bigger AI investments and unveiling new products at its cloud conference. CEO Eddie Wu announced a $53B initiative, new data centers in multiple countries, and the launch of its Qwen3-Max model.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Alibaba shares jumped in Hong Kong and U.S. pre-market trading after the company pledged

00:06to expand its artificial intelligence investments and avail new product updates at its annual

00:10cloud conference. The stock climbed over 6% in Hong Kong to its highest level since 2021,

00:15bringing year-to-date gains above 107%, according to CNBC. U.S.-listed shares rose more than 9%

00:22in pre-market trading. CEO Eddie Wu said Alibaba is advancing a three-year,

00:26$53 billion AI infrastructure initiative and plans to increase spending further,

00:31positioning Alibaba Cloud as a full-stack AI service provider.

00:34Alibaba unveiled its Quen 3 Max large language model on Wednesday,

00:38alongside several updates to its AI product suite. Alibaba Cloud announced plans to open its first

00:43data centers in Brazil, France, and the Netherlands, with additional sites coming next year.

00:47Wu projected global AI investment would exceed $4 trillion in the next five years.

00:52For all things money, visit Benzinga.com.

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