Alibaba Group Holding's stock rose as the company launched its most capable AI model to date.
Alibaba Group Holding's stock surged by as much as 7.3% in Hong Kong-based trading on Monday following the unveiling of its Qwen3.8-Max AI model. The Chinese tech giant claims the new model is its most capable to date, featuring 2.4 trillion parameters and performance that rivals or exceeds leading U.S. systems from Anthropic and OpenAI. Testing results indicate that Qwen3.8-Max can outperform Anthropic's Fable 5 in several categories, including multimodal reasoning and coding. The model is designed for autonomous coding, research, and long-horizon execution, with the ability to work independently for extended periods. Alibaba plans to release the model's weights next week, following a strategy of open-weight releases that have become a standard in China's AI industry. The launch intensifies competition with U.S. firms as Chinese companies rapidly narrow the gap. The release comes as the administration looks into whether Chinese AI models have been distilled from American models, seeking to ensure the U.S. maintains its technological edge.