Alibaba Shares Surge 19% on Cloud Unit Growth and New AI Chip Report

Alibaba’s Hong Kong-listed shares surged over 19% on Monday, driven by strong quarterly results from its cloud computing unit and reports of a new AI chip development. This marks the stock’s highest level since March. The company reported June-quarter revenue of ¥247.65 billion, a 2% YoY rise, with net income up 78%, exceeding forecasts. Cloud revenue grew 26% YoY, reflecting accelerating growth, while AI-related products maintained triple-digit growth for eight consecutive quarters. Alibaba’s e-commerce business shows revival, and its investment in China’s competitive instant commerce, including AI infrastructure, underlines its strategy to monetize AI and expand into new tech-driven markets.