Overview

• U.S.-listed shares rose more than 3% in early Monday trading after investor takeaways from Alibaba’s AI and cloud event in Hangzhou.
• Chief executive Eddie Wu said Alibaba will exceed its roughly $53 billion three-year AI infrastructure plan due to stronger-than-expected demand.
• Morningstar lifted its fair value estimate by 49% to 267, while Jefferies raised its target to 230 and Macquarie set a Street-high target near $235.60.
• Recent catalysts include a partnership with Nvidia focused on physical AI and assessments from Morgan Stanley placing Qwen3-Max among top-tier global systems.
• Hong Kong-listed shares have rallied about 50% in September with roughly HK$61 billion in net purchases, and options pricing points to increased bullish positioning.