Alibaba shares surged Wednesday in Hong Kong and U.S. premarket trading after the company announced increased AI investments and new product updates.

Hong Kong-listed shares rose over 6% to their highest level since 2021, while U.S. shares jumped 9.3% in premarket trade.

CEO Eddie Wu said Alibaba will expand its three-year, 380 billion yuan ($53 billion) AI infrastructure initiative and unveiled the latest Qwen3-Max large language model along with other AI updates.

Alibaba Cloud aims to be a “full-stack AI service provider,” powering AI model training and deployment via its global data centers, including new sites in Brazil, France, and the Netherlands, CNBC has reported.

The company also secured a deal with Unicom to deploy its AI accelerators, supporting China’s push for chip self-sufficiency amid rising U.S.-China tech tensions.