Alibaba Shares Surge 9% as CEO Announces Massive AI Spending Increase Beyond $53 Billion Investment
Summary
Alibaba shares rocket 9% in premarket trading as CEO Eddie Wu announces plans to boost AI spending beyond the company's existing $53 billion three-year investment, while unveiling its new Qwen3-Max language model and expanding cloud infrastructure globally with new data centers across multiple continents.
Key Points
- Alibaba shares surge 9% in U.S. premarket trading and over 6% in Hong Kong after CEO Eddie Wu announces plans to increase AI spending beyond the existing $53 billion three-year investment
- The company unveils its latest Qwen3-Max large language model and positions Alibaba Cloud as a full-stack AI service provider to prepare for the artificial superintelligence era
- Alibaba Cloud expands globally with new data centers launching in Brazil, France, and the Netherlands, plus additional centers planned for Mexico, Japan, South Korea, Malaysia, and Dubai next year