24H | Alibaba Jumps Another 3% After a 8% Rally in Prior Trading Session; Tesla Rises 1%
Alibaba ADRs jumped over 3% in overnight trading after jumping 8.2% on Wednesday following a sweeping announcement related to its AI business.
Alibaba will open new data centers abroad and hike spending on AI, the company said, as it also unveiled Qwen3-Max, its largest-ever AI language model that has more than 1 trillion parameters. Alibaba CEO Eddie Wu said Wednesday Nvidia will join with Alibaba to integrate its tools for physical AI such as robots and self-driving cars.
Wall Street likes the stock: Alibaba has an average rating of Buy among more than 50 analysts surveyed by FactSet, with not a single Sell rating. Yet the current consensus among brokers is that the price is about right, since the average price target among analysts is below $167.
First, the company’s core online retail business. Alibaba management met with the team at Nomura earlier this month, with analysts at the group coming away with a positive view on the company’s e-commerce operations.
Tesla shares jumped another 1% in overnight trading after rising 4% on Wednesday as China registrations ramped and expectations rose for EV giant's Q3 global deliveries.
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