Alibaba Shares Surge on Strong Earnings and AI Investment Plans

The Chinese tech giant's profit soared 239% as it announced aggressive investments in AI and cloud infrastructure over the next three years.

Alibaba reported fiscal Q3 2024 revenue of $38.38 billion, an 8% increase year-over-year, exceeding analyst expectations.
Net income jumped 239% to $6.72 billion, driven by operational growth and gains from equity investments.
The company plans to invest more in AI and cloud computing infrastructure over the next three years than it has in the past decade.
Alibaba's cloud business grew 13% year-over-year, with AI-related product revenue achieving triple-digit growth for the sixth consecutive quarter.
Investor confidence was bolstered by Jack Ma's appearance at a meeting with Chinese President Xi Jinping and the company's partnership with Apple on AI features for iPhones in China.