Overview

• JPMorgan, led by Alex Yao, raised its price target on Alibaba’s Hong Kong shares to HK$240 (US$30.85), implying roughly 36% upside by 2026.
• Alibaba’s stock has been one of 2025’s top tech performers, nearly doubling year to date with a 53% surge in September on AI and cloud momentum.
• CEO Eddie Wu said the company will increase AI investment beyond the previously announced US$53 billion three‑year plan.
• At its September conference Alibaba introduced Qwen3‑Max, a large language model reported to exceed 1 trillion parameters, as cloud revenue grew 26% year over year and AI product sales maintained consecutive triple‑digit growth.
• A high‑profile collaboration with Nvidia is seen as strengthening Alibaba’s AI stack, though some analysts warn of constraints from limited access to advanced chips and debate whether the stock’s valuation already prices in much of the AI optimism.