Alibaba shares gained ground in Hong Kong on Monday, climbing as much as 4% to HK$138.00, following the company’s recent announcement of its most advanced artificial intelligence model to date.
The technology giant unveiled the Qwen3-Max-Preview, boasting over one trillion parameters, positioning it as the firm’s largest and most capable model, and claiming it surpasses the performance of the previous Qwen3-235B.
The launch is part of Alibaba’s ongoing push to advance its AI capabilities amid intensifying competition from global players such as OpenAI and Google DeepMind. Alibaba stands out as one of China’s top investors in AI development, regularly introducing and open-sourcing new, advanced models this year.
Recent reports also suggest Alibaba is working on developing its own AI processor to lessen dependency on U.S.-made chips, like those supplied by Nvidia—a move that comes as Chinese regulators tighten scrutiny of foreign technology.
Alibaba’s substantial investments in AI are starting to show results. Earnings for the June period revealed stronger-than-expected growth in revenue from its cloud computing segment, which plays a central role in its AI initiatives. However, these gains have yet to fully counterbalance sluggish growth in the company’s core e-commerce business, which remains under pressure from challenging market conditions.
