Alibaba shares surge as CEO pledges more AI Investment; unveils Qwen3-Max model

[cryptoenthusiast]

Alibaba Group (HK:9988) shares jumped sharply on Wednesday after the company unveiled its most powerful artificial intelligence model to date and vowed to increase investment in AI infrastructure and capabilities.

At its annual conference, Alibaba launched Qwen3-Max, a language model with more than 1 trillion parameters, which the company says excels in code generation and autonomous agent tasks.

CEO Eddie Wu reiterated that Alibaba would increase its previously announced investment of 380 billion yuan (about $53.4 billion) in AI infrastructure over the next three years, though he did not commit to a new figure.

Hong Kong-listed shares of the company jumped as much as 7.2% to HK$170.8 as of 04:43 GMT, reaching their highest level in nearly four years.

Other new products revealed included Qwen3-Omni, a multimodal system designed for immersive experiences such as virtual reality and intelligent car cockpits, underscoring Alibaba’s ambition to expand AI beyond chatbots.