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Alibaba Stock Surges Amid AI Investments
Alibaba Group (NYSE: BABA) has seen a 32% increase in stock value throughout September 2023, benefiting significantly from investments in artificial intelligence. The company’s resurgence is attributed to improved investor sentiment following the tech crackdown from Beijing and sluggish economic growth in China.
In a noteworthy development, Jack Ma, Alibaba’s founder, returned to the company’s headquarters, indicating enhanced relations with Beijing. Additionally, Alibaba announced a partnership with Nvidia, revealed plans for new AI models, and is set to increase its AI spending beyond an earlier goal of $53 billion over the next three years.
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