Why Alibaba Rallied Today
Shares of Chinese e-commerce and tech giant (NYSE: BABA) rallied on Friday, appreciating 13.1% as of 2:28 p.m. ET.
Alibaba reported earnings today, which appeared to encourage investors. While profits actually went down, an acceleration of cloud and artificial intelligence (AI) revenue appear to be the most important data points.
In addition, the Wall Street Journal reported the Chinese tech giant has developed a new AI chip, which could take on importance since China recently issued an order discouraging the use of Nvidia's (NASDAQ: NVDA) H20.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
€130.40
-1.810%
The stock is one of the favorites of our community with 44 Buy predictions and 1 Sell predictions.
With a target price of 157 € there is a positive potential of 20.4% for Alibaba Group Holding Ltd ADR compared to the current price of 130.4 €.
