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International Business Times UK
International Business Times UK
Shyna Mae Deang

Alibaba Stock: Shares Rocket 9% in US Premarket After CEO Pledges to Pour Cash Into AI

Alibaba Eddie Wu United States Artificial Intelligence Baidu China Nvidia Tencent

Alibaba Group shares surged nearly 9% in US premarket trading on Wednesday after Chief Executive Officer Eddie Wu announced the company would boost its investment in artificial intelligence (AI) and cloud infrastructure beyond its earlier three-year pledge of 380 billion yuan (about US$53bn).

The announcement, made during an Alibaba tech and cloud event in China, reinforced investor confidence that AI will play a central role in the company's future growth.

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