Alibaba Group's (NYSE:BABA) shares jumped 15% in Hong Kong after the company reported impressive quarterly results, driven by growth in its e-commerce and cloud businesses.
Net income for the quarter hit 48.95 billion yuan ($6.72 billion), far exceeding expectations. Revenue also came in ahead of forecasts at 280.15 billion yuan.
The tech giant is ramping up AI investments, with analysts noting that Alibaba’s next three years will see its most intense spending on AI and cloud infrastructure—more than the past decade combined.
Adding to the buzz, founder Jack Ma made a rare appearance at a private meeting with President Xi Jinping, as Beijing signals support for private businesses after years of regulatory pressure.
In late afternoon trading, the stock was up 17.60 HKD at 138.50.