Sep. 24 at 12:45 PM
Alibaba shares jumped following Cathie Wood’s first purchase since 2021, as CEO Eddie Wu plans to increase AI and cloud spending beyond prior targets. Wood bought
$8.2M of Alibaba for the ARK Fintech Innovation ETF and
$8.1M for the ARK Next Generation Internet ETF, marking the first holdings in either fund since 2021.
Alibaba’s U.S.-listed shares rose 9% in Wednesday premarket trading after a 9% rally in Hong Kong-listed shares, bringing their 2025 gain to 92%. The company unveiled Qwen3-Max, a 1-trillion-parameter language model claiming to outperform Anthropic’s Claude and DeepSeek in certain tests, and announced a partnership with Nvidia to advance humanoid robot development. Wu also said Alibaba would exceed its $ 53B target for cloud and AI infrastructure investment and open its first data centers in Brazil, France, and the Netherlands.
Wood’s ARK funds have performed strongly this year, with ARKK up 47%, and ARKW and ARKF both gaining over 50%.
$BABA $ARKK $ARKW $ARKF