Alibaba’s AI and Cloud Growth Sparks Tech Sector Rally
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Alibaba’s Hong Kong-listed shares surged 15%, marking their largest single-day gain since February, as triple-digit growth in AI-related sales and a 26% jump in cloud revenue reignited investor confidence. The company’s cloud division, now a cornerstone of its expansion, generated 33.4 billion yuan ($4.7 billion), far exceeding analyst expectations.
The rally spilled over to China’s broader tech sector, with Baidu rising nearly 6% and Tencent climbing over 3%. Analysts interpret Alibaba’s performance as a bellwether for Asia’s AI industry, where stock valuations increasingly hinge on artificial intelligence optimism. Saxo Markets’ Charu Chanana noted the company’s strategic pivot from e-commerce dominance to tech stack relevance.
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