Alibaba’s Hong Kong-listed shares jumped 53% in September, the best performance on the Hang Seng Index. Investor enthusiasm surged after the company announced plans to hike AI spending past an original target of more than US$53 billion ($68.28 billion), and a new partnership with Nvidia Corp.
“Alibaba is positioned to participate at every stage – compute, platforms, and apps – while directly improving merchant economics” in generative AI, Yao said. Investors should look past the negative impact from a food delivery war and quick commerce in 2027, the report said.
The price-target boost comes from the team that in March 2022 referred to some Chinese internet stocks as “uninvestable” due to an editorial error.
