Alibaba stock jumped over seven percent in Hong Kong on Thursday after the Chinese tech giant unveiled QwQ-32B, an AI model it claims rivals DeepSeek, the year’s breakout AI player.
The announcement comes as China’s AI sector enjoys renewed investor confidence, buoyed by state backing and growing competition. Alibaba’s AI push follows a broader market revival, with co-founder Jack Ma reemerging in political circles after years of regulatory scrutiny.
With Beijing pledging stronger economic support, Alibaba’s $50 billion AI investment signals its intent to dominate China’s accelerating tech race.
