After the AI boom sparked rallies in stocks from Nvidia to Oracle and TSMC to Cambricon, it’s now Alibaba’s turn for a moment in the sun. The e-commerce giant’s shares surged more than 5% in Hong Kong to climb to their highest in almost four years. Investors piled in after the company made a series of aggressive moves to shore up its AI ventures. Alibaba raised billions in a convertible bond sale to fund its infrastructure budget,unveiled its latest AI models and started deploying in-house chips to train them.
The Chinese powerhouse was one of a standouts in the broad tech rally across Asia, with chipmakers like SK Hynix and Samsung among the biggest contributors to a gain that propelled the MSCI’s regional index to near a record high.
www.bloomberg.com
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