Alibaba Group Holding Limited BABA shares are trading higher Monday. Here’s what you need to know.
What to Know: Alibaba’s cloud computing unit partnered with Nvidia Inc. NVDA to enhance autonomous driving for Chinese EV makers, including Li Auto, Great Wall Motor and ZEEKR. This partnership integrates Alibaba’s Qwen large language models (LLMs) with Nvidia’s Drive AGX Orin platform, improving in-car AI capabilities. This move may be seen as strategic, especially as China grapples with U.S. sanctions restricting access to advanced semiconductor chips, which impact both Nvidia and Alibaba.
Market Context: The People’s Bank of China (PBoC) recently slashed key interest rates and injected liquidity into the banking system, boosting investor confidence and contributing to a broader rally in Chinese stocks. The rate cuts are part of efforts to stimulate China’s economy ahead of its National Day Holiday.
BABA Price Action: BABA is trading at $90.05, reflecting a 1.99% gain according to Benzinga Pro.
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Photo courtesy: Alibaba INC.
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