Chinese investors rush to buy Alibaba shares worth $1.7 billion, as AI trends drive prices higher
New confidence in AI's potential has boosted Alibaba to become a favorite among Chinese investors, with net buying reaching its highest level in months. The stock surged more than 18% this month, becoming the top performer on the Hang Seng Tech Index.
On September 8, 2568, at 13.47:XNUMX a.m., Bloomberg News reported that New confidence in Alibaba Group Holding Ltd.'s potential in artificial intelligence (AI) has turned the company's stock into a favorite investment for Chinese investors.
Investors bought HK$1.35 billion (US$1.7 billion) worth of Alibaba shares through trading channels between mainland China and Hong Kong last week, more than any other stock, according to Bloomberg calculations based on stock exchange data. The weekly net buying was higher than in recent months and is on track for its highest monthly level since April.
Sentiment in Alibaba improved after the e-commerce company reported a jump in AI revenue for the June quarter, alleviating concerns about heavy investment in its food delivery business. Alibaba shares have surged more than 18% for the month, making them the top performer on the Hang Seng Tech Index, jumping as much as 4.7% on Monday in Hong Kong after the tech giant released an upgraded version of its open-source AI model and invested in a robotics startup.
Wall Street analysts have also been more bullish on Alibaba shares, with at least 20 raising their price targets since the earnings report, according to data compiled by Bloomberg. Analysts expect the stock to rise another 17% next year from Friday's close, to HK$160.18, according to the median target price.
refer : bloomberg.com
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