Alibaba Group (HK:9988) shares surged on Wednesday after the company unveiled its most advanced artificial intelligence model and pledged more investment in AI infrastructure.
During its annual conference, Alibaba introduced Qwen3-Max, a language model with over 1 trillion parameters. The company highlighted its strong performance in code generation and autonomous agent applications.
CEO Eddie Wu reaffirmed Alibaba’s plan to expand AI spending, building on its previously announced 380 billion yuan ($53.4 billion) investment over the next three years. However, he did not provide an updated figure.
Hong Kong-listed shares rose as much as 7.2% to HK$170.8 by 04:43 GMT, reaching their highest level in almost four years.
Alibaba also showcased Qwen3-Omni, a multimodal AI system designed for immersive technologies such as virtual reality and smart vehicle cockpits. The launch reflects Alibaba’s ambition to push AI development beyond traditional chatbot applications.
