Alibaba HK shares hit month high on new AI chip, model plan
* Hong Kong shares of Alibaba Group surge 5.1% to HK$118.3, their highest level since August 21 * Stock set for biggest one-day pct gain since August 3 in the third straight session of gains * Second biggest pct gainer in benchmark Hang Seng Index, which rises 0.6% * Chief Executive Eddie Wu says Alibaba plans to train a new artificial intelligence model with 5 trillion to 10 trillion parameters, as the Chinese technology giant laid out a sweeping push across AI models, chips and data centres * Company also unveils Zhenwu V900 AI chip, saying it is the most powerful in China with three times
3, their highest since August 21, and were on course for their biggest one-day percentage gain since August 3 as they rose for a third straight session. 6%. Chief Executive Eddie Wu said Alibaba plans to train a new artificial intelligence model with 5 trillion to 10 trillion parameters, as the Chinese technology company outlined a broad push across AI models, chips and data centres. The company also introduced the Zhenwu V900 AI chip, saying it is the most powerful in China and has three times the performance of its predecessor.
9% year-to-date, while its US-listed shares are down 21%. 6%.