Why Alibaba Stock Is Surging Today
Shares of Alibaba Group Holding (NYSE: BABA) were flying higher on Wednesday. The company's stock gained 1.9% as of 1:50 p.m. ET, but rose as much as 5.5% earlier in the day. The move up comes as the S 500 (SNPINDEX: ^GSPC)and Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 0.6% and 0.9%, respectively.
Just days after the market punished AI stocks upon the release of the Chinese artificial intelligence chatbot DeepSeek, Alibaba released the latest version of its Qwen AI model.
News of DeepSeek shocked the market, sending shares of U.S. AI stocks lower Monday. Although there has been some recovery, fears remain, given just how efficient DeepSeek is compared to its U.S. counterparts. The team behind the Chinese model claims it was trained for a small fraction of the price, and with inferior chips due to U.S. export restrictions.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
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