Alibaba rose in Hong Kong trade on Monday after the Chinese technology giant released what is seen as its biggest artificial intelligence model yet, as it moves to compete with the likes of OpenAI and Google Deepmind.
Alibaba Group Holding Ltd (HK:9988) (NYSE:BABA) shares rose as much as 4% to HK$138.0, helping underpin mild gains in the Hang Seng index.
The company had late last week released the Qwen3-Max-Preview model, featuring over one trillion parameters. The company claimed that the model was its largest and most intelligent, and outperformed its previous best offering, Qwen3-235B.
The company is among the biggest Chinese spenders on AI development, and has steadily released and open-sourced several advanced models this year, amid rapidly increasing competition in the sector.
Reports last week said Alibaba was developing a home-grown AI processor aimed at reducing its reliance on U.S.-made chips from Nvidia, especially after Beijing expressed heightened scrutiny towards foreign-made chips.
Alibaba’s AI efforts appear to be delivering returns. The company’s fiscal June-quarter results, released in late-August, showed revenue from its cloud division, which is at the heart of its AI efforts, rising more than expected.
But this was insufficient in offsetting a decline in Alibaba’s broader revenue, which was hit by tougher conditions for its core e-commerce business.
Source :
https://www.investing.com/news/stock-market-news/alibaba-hk-shares-rise-on-release-of-trillionparameter-qwen-ai-model-4228047
