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Alibaba Group Holding Ltd (HK:9988) (NYSE:BABA) shares climbed as much as 4% to HK$138.0 in Hong Kong trading on Monday after the Chinese tech giant unveiled its most advanced artificial intelligence model yet. The rally also supported modest gains in the Hang Seng Index.
Late last week, Alibaba released the Qwen3-Max-Preview model, boasting more than one trillion parameters. The company described it as its largest and most powerful AI model, surpassing its previous flagship Qwen3-235B in both scale and intelligence. This launch highlights Alibaba’s aggressive push in the artificial intelligence race, where it competes with global leaders like OpenAI and Google DeepMind.
Alibaba has been one of China’s top investors in AI development, open-sourcing multiple cutting-edge models throughout 2024. Reports also indicate the company is building a domestic AI processor to reduce reliance on U.S. chipmaker Nvidia, aligning with Beijing’s push for technological independence amid growing scrutiny of foreign-made chips.
These efforts appear to be paying off. Alibaba’s cloud division, which spearheads its AI initiatives, reported stronger-than-expected revenue in the June quarter, providing a boost to its financial performance. However, overall earnings were weighed down by weaker results in the company’s core e-commerce operations, reflecting tougher market conditions.
Alibaba’s advances in AI underline its ambition to remain a key player in global technology innovation while diversifying beyond online retail. The debut of Qwen3-Max-Preview signals not only the company’s commitment to expanding its cloud and AI ecosystem but also its determination to challenge Western dominance in artificial intelligence.
