Alibaba shares rise over 6% after CEO unveils plans to boost AI spending

Group 1 - Alibaba's Hong Kong-listed shares surged over 6% to their highest point since 2021, with total gains year to date exceeding 107% [1] - The company plans to increase spending on AI models and infrastructure development, building on the previously announced investment of 380 billion yuan ($53 billion) over three years [2] - CEO Eddie Wu emphasized a commitment to a three-year, 380 billion yuan AI infrastructure initiative, with intentions to sustain and further increase investment in line with the strategic vision for the artificial superintelligence era [3]