Alibaba Shares Soar as CEO Vows to Increase AI Spend
On Wednesday, the shares of Chinese tech giant Alibaba climbed 9% after the company’s CEO promised to allocate even more resources to AI development in a bid to stay ahead in the race with various tech firms, both local and foreign. Eddie Wu made these remarks while launching Qwen3-Max, the company’s latest and largest AI model, at a conference the firm organized for this event. The company has already pledged to inject at least $60.6 billion over the coming three years. The announcement that even more resources would be directed to AI development was welcomed by investors as the rise…
