Billionaire GameStop CEO Ryan Cohen boosts stake in Chinese titan Alibaba to $1B: report

Core Insights - Billionaire investor Ryan Cohen has increased his stake in Alibaba Group to approximately $1 billion, representing around 7 million shares [1][3] - Cohen had previously built a stake worth hundreds of millions of dollars in early 2023 and advocated for accelerated share buybacks [2][5] Company Developments - Alibaba has announced plans to invest more in its e-commerce and AI-powered cloud computing businesses, which aligns with the recent positive sentiment in the Chinese tech sector [4] - The company reported third-quarter revenue that exceeded analysts' expectations, driven by strong year-end sales [4] Market Context - Chinese tech stocks have seen a rise recently, influenced by the emergence of domestic AI startup DeepSeek and a meeting between President Xi Jinping and business leaders, which has positively impacted investor sentiment [4]