Alibaba shares soared in Hong Kong and U.S. premarket trading on Wednesday after the company said it will invest more in artificial intelligence and rolled out new AI products and updates.
The tech giant's Hong Kong-listed shares jumped over 6%, to reach their highest point since 2021. Total gains over the year-to-date topped 107%.
In the U.S., shares were 9.3% higher in premarket trade at 4.21 a.m. ET.
Alibaba plans to increase spending on AI models and infrastructure development, on top of the 380 billion yuan ($53 billion) over three years it announced in February, Chief Executive Officer Eddie Wu said Wednesday at Alibaba Cloud's annual flagship technology conference.
"We are vigorously advancing a three-year, 380 billion [yuan] AI infrastructure initiative with plans to sustain and further increase our investment according to our strategic vision in anticipation of the [artificial superintelligence] era," Wu said.