Alibaba Shares Surge as It Boosts Bet on AI, Rolls Out New Model

Alibaba 9988 6.59 %increase; green up pointing triangle Group shares jumped after the company said it will invest more than $53 billion in artificial intelligence—above its original target—and released a new model.

The Chinese tech titan’s Hong Kong-listed stock rallied on Wednesday, helping it more than double gains so far this year. Shares were recently 7.2% higher, outperforming the Hang Seng Tech Index’s 2.1% advance. Alibaba’s stock is at its highest level in four years.