Alibaba shares soar after Chinese tech giant unveils new DeepSeek rival

Alibaba shares surged after unveiling its new AI reasoning model, QwQ-32B, which the company claims can rival DeepSeek’s R1. The Hong Kong-listed shares of Alibaba ended up 8.39%, hitting a new 52-week high, with a 71% gain in the year to date. Optimism surrounding AI developments could lead to large gains for Alibaba stock, with analysts projecting an upward trajectory driven by advancements in AI technology.

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