That helped assuage investors nervous about the fallout from a worsening battle with Meituan and JD.com Inc in internet commerce. Its shares gained their most intraday since November 2022 in Hong Kong, after investors looked past a disappointing 2% rise in revenue and surprise decline in operating income. Alibaba’s rally also helped energize the broader AI sphere: Ernie developer Baidu Inc gained as much as 5.8%, while Tencent Holdings climbed.
Alibaba Group Holding’s stock leapt more than 18% after reporting a surge in revenue from AI, underscoring the steady progress it’s making against rivals in a post-DeepSeek Chinese development frenzy.
China’s e-commerce leader posted a triple-digit percentage gain in AI-related product revenue as well as a better-than-anticipated 26% jump in sales from the cloud division — the business most closely tied to the artificial intelligence boom.
