BRIEF: Alibaba stock rallies as Ark Invest buys back in

Shares of Alibaba Group Holding Ltd. (9988.HK, BABA.US) have rallied to a nearly four-year high on media reports that Cathie Wood’s Ark Invest recently repurchased $16.3 million worth of the stock, reinvesting in the company four years after liquidating its prior position.

Also fueling the rally was the e-commerce giant’s announcement at the AliCloud Apsara Conference of a collaboration with Nvidia. That partnership spans several areas, including synthetic data processing, simulated data generation, model training and reinforcement learning in simulated environments.

Speaking at the conference on the same day, Alibaba CEO Eddie Wu said the company is executing a 380 billion yuan（$53.28 billion）, three-year AI initiative. He also said that AliCloud’s global data center energy consumption will be 10 times higher by 2032 compared with 2022.

Following the string of positive news, Alibaba’s Hong Kong-listed stock on Wednesday surged 9% to close at HK$174. The stock has doubled since the beginning of this year.

By Lau Chi Hang

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