Overview

• JPMorgan raised its Hong Kong target to HK$240, projecting roughly 36% upside by 2026 and citing strengthening AI–cloud momentum.
• Alibaba shares have about doubled year to date and its Hong Kong stock jumped 53% in September, even as short interest increased and valuation debates continued.
• CEO Eddie Wu said AI spending will exceed the original RMB380 billion three‑year pledge, while the cloud unit grew 26% year over year and AI revenues posted eight consecutive quarters of triple‑digit growth.
• At its September event the company introduced Qwen3‑Max, a large language model with over 1 trillion parameters, and highlighted a partnership with Nvidia spanning AI tools and work in humanoid robotics.
• Bloomberg reported Alibaba is courting established Amazon sellers to expand AliExpress by offering lower shipping fees and smaller sales cuts, targeting growth in Europe and Latin America.