AsianFin -- Alibaba Group's U.S.-listed shares soared to a three-year high on Thursday following strong quarterly results that exceeded Wall Street’s expectations.
The Chinese technology and e-commerce giant attributed its success to AI-driven strategies, which have reaccelerated growth in its core businesses. The company also reported triple-digit growth in AI-related product revenue for the sixth consecutive quarter.
As of Thursday's close, Alibaba shares had surged 60% year-to-date, partly fueled by reports that the company is set to partner with Apple (AAPL) to bring AI features to iPhones in China. Sentiment surrounding the stock received another boost after co-founder Jack Ma attended a meeting with Chinese leader Xi Jinping earlier this week, signaling improved dialogue between the two.
The stock rose 8%, closing near $136, marking its highest level since November 2021.
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