Alibaba ADRs on Tuesday touched the highest levels since November 2021, having almost doubled year to date. Investors are ramping up bets that the internet giant’s AI push could reinvigorate growth, after its core e-commerce business gets pinched by increased competition from rivals including PDD Holdings Inc.
Cathie Wood’s funds reopened positions in Alibaba Group Holding for the first time in four years, just as the stock rallied to a multiyear high on optimism over the Chinese firm’s push in artificial intelligence.
A daily trading report from Wood’s Ark Investment Management showed that two of the firm’s exchange-traded funds snapped up American Depositary Receipts of Alibaba on Monday. The stakes are worth about US$16.3 million in total, according to the funds’ holdings reports.
