US-listed Alibaba shares gain after co unveils new AI model
BABA•Shares rise after new AI model announcement
U.S.-listed shares of Chinese tech giant Alibaba BABA.N gain 4.5% to $127.72 in premarket trading.
Co unveils Qwen3.8-Max, its largest AI model yet; due to be released next week.
The model has 2.4 trillion parameters — the numerical settings a model learns from data to recognise patterns, generate answers, and carry out tasks.
Qwen3.8-Max ranked second globally on Arena.AI's leaderboard for AI models, trailing only a variant of Anthropic's Claude Fable 5.
Co's Hong Kong-listed shares 9988.HK hit a two-month high on the day.
Thirty-eight of 41 brokerages rate the stock "buy" or higher, two "hold" and one "sell"; their median PT is $187 — data compiled by LSEG.
Up to last day's close, the U.S.-listed stock is down 16.6% YTD.
