Overview

• JPMorgan raised its target for Hong Kong-listed Alibaba shares to HK$240, implying about 36% upside by 2026 on AI-driven momentum.
• Alibaba’s stock has rebounded sharply in 2025, with Hong Kong shares up roughly 53% in September and nearly doubled year to date.
• CEO Eddie Wu said the company will exceed its previously announced roughly $53 billion multiyear commitment to AI and related infrastructure.
• Alibaba launched its Qwen3-Max large language model with more than 1 trillion parameters and reported 26% year-on-year cloud growth alongside eight straight quarters of triple-digit AI revenue.
• The company highlighted a collaboration with Nvidia to integrate AI tools and pursue advanced applications, as some analysts caution on valuation and limits from access to cutting-edge chips.