Alibaba Stock Surges on AI Investment Plans
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BTCCSquare news:
Alibaba Group Holding Ltd. (BABA) shares jumped 9% following its announcement of aggressive artificial intelligence infrastructure spending. The Chinese e-commerce giant revealed plans for new global data centers and a trillion-parameter AI model at its Apsara Conference, building on its previously stated $50 billion three-year AI budget.
Analysts responded favorably, with one firm elevating its price target to $195 while affirming Alibaba's position as a full-stack AI leader. The stock's rally continues its recovery from years of regulatory pressure and economic headwinds, though Core business growth remains measured at 10% revenue expansion last quarter.
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