Alibaba Group surged as much as 9% Tuesday, on track for its highest close in four years, after Chief Executive Officer Eddie Wu pledged deeper investment in artificial intelligence. The company also unveiled a sweeping Global Infrastructure Expansion Plan, adding its first cloud regions in Brazil, France and the Netherlands, while boosting data center capacity in Mexico, Japan, South Korea, Malaysia and Dubai.
Alongside the infrastructure push, Alibaba introduced Qwen3-Max, its largest large language model to date, boasting one trillion parameters.
The gains in Hong Kong came as US tech stocks faltered overnight. The S&P 500 fell 0.55%, snapping a three-day winning streak, while the Nasdaq also slipped as investors booked profits from recent highs.
Gold extended its rally, rising 0.47% after briefly touching a record $3,790 an ounce.In Europe, sentiment weakened after Germany’s Ifo business confidence index fell to 87.7 in September, below expectations of 89.4, signaling ongoing strains in the region’s largest economy. European stocks edged lower, while US equity futures traded flat in early dealings
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