Alibaba shares rise after it reveals new AI model, Qwen-3

AI Model & Performance - Alibaba unveiled Quen 3, its next-generation AI model, designed for stronger performance and reduced computational costs [1] - Quen 3 is open source, posing a threat to rivals in China and major LLM makers like OpenAI and Anthropic [2] Chip Development & Self-Sufficiency - Alibaba and BU are training models on in-house chips, reducing reliance on Nvidia [2] - China is demonstrating growing self-sufficiency in AI technology [3] - In-house players are developing tech to avoid waiting for Nvidia's export verdicts [5] Market Trends & Impact - The K web ETF, tracking China's largest internet companies, is up approximately 2% today and around 40% year-to-date [3] - The emergence of lower-cost, more efficient chips from China is anticipated [4]