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Why Alibaba Stock Gained 11% Last Month

TheMotleyFool

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Shares of Alibaba (NYSE: BABA) finished up 11% in October, according to data from S&P Global Market Intelligence, as the Chinese tech giant seemed to find support on Reddit's WallStreetBets forum, which has been known for pumping meme stocks like AMC Entertainment and GameStop and causing short squeezes. The company also said it would launch its own cloud server chip, a move that is likely to play favorably with the Chinese government.

The stock gained in two phases during the month before sliding during the last week of October.