Alibaba increases investment in AI, stock price hits four-year high.

Alibaba announced that it will invest over $53 billion in the fields of artificial intelligence and cloud infrastructure, and released its most powerful large model, Qwen3-Max. The Hong Kong stock price rose over 9% on Wednesday, hitting a four-year high. The cumulative increase this year has doubled. CEO Wu Yongming stated that the company's investment scale will exceed the initial target of 380 billion yuan, as the development of the AI industry and infrastructure needs have exceeded expectations. Overseas funds have also regained interest, with Ark Investment, managed by Wall Street star fund manager Cathie Wood, buying Alibaba's ADR for about $16.3 million for the first time in four years, as shown in filings with the US Securities and Exchange Commission, marking their first restructuring since September 2021.