Alibaba (BABA) Hits New High on $53-Billion AI Bet

Group 1 - Alibaba Group Holding Ltd. has reached a new all-time high stock price, driven by significant investments in artificial intelligence totaling 380 billion yuan ($53 billion) and a partnership with Nvidia Corp. [1][3] - In intra-day trading, Alibaba's stock peaked at $180.16 before closing at $176.44, reflecting an increase of 8.19% for the day [2]. - CEO Eddie Wu announced a three-year AI initiative at an annual technology conference, emphasizing the company's strategic vision in anticipation of the artificial superintelligence era [3]. Group 2 - Alibaba has partnered with Nvidia to expand global data centers and develop new AI products, positioning AI as a core priority alongside its e-commerce business [4]. - Wu highlighted that global spending on AI is projected to reach $4 trillion over the next five years, indicating the need for Alibaba to remain competitive in this rapidly evolving sector [4].