Alibaba Group Holding Ltd.’s stock gained the most in about two weeks after the company initiated a series of moves intended to shore up its place in China’s AI development boom.
The e-commerce leader’s shares climbed more than 7% in early Hong Kong trading, tracking an overnight gain in the US. That takes the Chinese company’s gain to over 80% this year, a rally driven by aggressive moves to expand into the fledgling field of artificial intelligence.
Alibaba this week raised $3.2 billion in convertible bonds to bankroll the country’s biggest AI infrastructure budget and cloud service. It unveiled ...
