Following news that it is reportedly involved in a significant artificial intelligence (AI) initiative by a major U.S. tech company, Alibaba Group (NYSE: BABA) stock closed higher on Wednesday. Investors pushed the shares almost 2% skyward, a rate that beat the 0.7% gain of the benchmark S 500 index.

Before market open that day, Bloomberg reported that social media titan Meta Platforms is making a concentrated effort to develop a proprietary, for-pay AI model.

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Source Fool.com