A recent spate of artificial intelligence (AI) tool launches from China has sent shockwaves through the nation’s stock market, pushing a technology index to its highest level in years. Alibaba Group Holding Ltd., a leading player in the Chinese tech sector, led the gains after unveiling its latest open-sourced AI model. The new platform is more efficient and requires less data than rival models.
Other companies, including Tencent and Kuaishou Technology, also released AI-related announcements, further fueling investor enthusiasm. The news comes as China’s government announced support for large-scale AI applications and development of intelligent terminals and manufacturing equipment. This move has sparked hopes for the tech sector’s growth in the country.
Alibaba’s stock surged 8.4% in Hong Kong, while Kuaishou jumped 16%, making it the most significant gain in over two years. The gains follow a recent AI breakthrough by DeepSeek, which earlier this year ignited a bull run for Chinese stocks and sent global markets into a frenzy.
Investors seem optimistic about China’s AI prospects, despite concerns about long-term profit potential. “The supportive rhetoric to AI announced at the National People’s Congress sets a proper context for Chinese AI innovation to move forward,” said Linda Lam, head of equity advisory North Asia at Union Bancaire Privee.
Source: https://finance.yahoo.com/news/alibaba-shares-jump-7-unveiling-025614739.html