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