US EditionAlibaba unveils new DeepSeek competitor, driving 7% stock surge
- Alibaba's shares rose up to 8% after unveiling its QwQ-32B artificial intelligence model, which it claims outperforms competitors like OpenAI and DeepSeek-R1 in efficiency.
- The company announced plans to invest at least 380 billion yuan in AI and cloud infrastructure over three years, exceeding past investments in the sector.
- Chinese leader Xi Jinping's meeting with tech moguls, including Alibaba's founder Jack Ma, signals a revival for the tech sector that is reflected in the Hang Seng China Enterprises Index's surge of over 30% since January.
- Chinese tech stocks are recovering amid supportive government actions and increasing investor confidence.
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Alibaba’s New Model Adds Fuel to China’s AI Race
On March 5, Chinese tech giant Alibaba released its latest AI reasoning model, QwQ-32B, resulting in an 8% spike in the company’s Hong Kong-listed shares. While less capable than America’s leading AI systems, such as OpenAI’s o3 or Anthropic’s Claude 3.7 Sonnet, the model reportedly performs about as well as its Chinese competitor DeepSeek’s model, R1, while requiring considerably less computing power to develop and to run. Its creators say QwQ-…
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Total News Sources48
Leaning Left6Leaning Right4Center7Last UpdatedBias Distribution41% Center
Bias Distribution
- 41% of the sources are Center
41% Center
L 35%
C 41%
R 24%
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