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StocksMediumUpdated•Originally published 3 August 2026•Updated 3 August 2026•
2 min read

Alibaba Shares Jump 6% on Launch of Qwen3.8-Max AI Model

Key Facts

1Alibaba shares in Hong Kong rose over 6% following the unveiling of its new Qwen3.8-Max AI model.
2The new model features 2.4 trillion parameters, making it the company's largest and most capable AI model to date.

In a move reflecting the intensifying innovation race within the Chinese tech sector, Alibaba shares in Hong Kong surged over 6% following the unveiling of its new Qwen3.8-Max AI model. According to reports, this model represents the company's most capable development to date with 2.4 trillion parameters and is distinguished by its open-source nature, allowing developers to download and modify the code. This launch is designed to strengthen Alibaba's competitive positioning through an open-access strategy, contrasting with proprietary models like ChatGPT and Claude.

The stock's rally comes amid optimism regarding the company's ability to lead in generative AI, with market data showing a strong positive investor response to this technical milestone. Based on available facts, the new model places Alibaba in direct competition with Moonshot AI's Kimi K3, which is currently cited as the largest open model at 2.8 trillion parameters. This rivalry underscores Alibaba's significant investment in computing infrastructure as it vies for dominance in the Chinese cloud and AI services market.

At the close of August 3, 2026, the 9988.HK ticker in Hong Kong stood at 124.9 HKD, having reached a day high of 126 HKD. In US markets, BABA shares closed at $116.3 (as of July 30, 2026). Traders are now monitoring the sustainability of these gains and the rate of developer adoption for the open-source model, as the upcoming economic calendar shows no immediate major catalysts directly impacting the Chinese technology sector.