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. 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.
