Alibaba stock soars after unveiling new AI model "comparable" to DeepSeek
The Chinese giant's shares jumped 7% following the announcement.
Alibaba's Qwen AI model logo on a Chinese flag.
Shares of Chinese giant Alibaba soared 7% on the Hong Kong stock exchange after unveiling its own artificial intelligence (AI) model. The company noted that the QwQ-32B "has comparable performance" to DeepSeek and, like it, requires less data to operate than its Western competitors.
AI and quantum computing, priorities for Alibaba
Hangzhou City-based Alibaba had already announced last month that it would make AI one of the cornerstones of its business. Company spokesmen said the company will invest more than $50 billion over the next three years in artificial intelligence and cloud computing projects.
The emergence of Alibaba's QwQ-32B coincides with the explosion of new AI models emerging in China in recent weeks. After the stock market and business earthquake caused by the irruption of DeepSeek, other companies in the Asian giant also presented their projects along the same lines, such as Tencent's Yuanbao.
DeepSeek became a favorite stock for investors since it launched its chatbot in January for a fraction of the cost of its Western equivalents.
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