(BFM Stock Exchange) – The Chinese company jumped more than 9% in Hong Kong this Wednesday, September 24 and has experienced an impressive rally since the start of the year, thanks to the flight of its activities related to artificial intelligence.

In recent years, Alibaba’s stock market has been related to a way of the cross. Compared to its summits affected at the end of 2020, the action of the Chinese mastodon of e-commerce was divided by about four, at the end of 2024.

The company founded by Jack Ma has notably suffered from a severe screw tower on the part of Beijing on Chinese tech giants, but also of competition from its TEMU rival in e-commerce.

The year 2025 nevertheless marks the Alibaba stock market revolt. The Chinese group has jumped 111% since the start of the year, by 50.7% over three months and won 9.2% this Wednesday, September 24 in Hong Kong.

The flight of the title is due to the efforts made by the group to become a key player in artificial intelligence (AI), capable of competing with American Big Techs or even exceeding them.

>> Access our exclusive graphic analyzes, and enter into the confidence of the trading portfolio

Acceleration of expenses

This Wednesday’s progress is also linked to the statements of its managing director, Eddie Wu, concerning the group’s expenses in AI infrastructure. During the presentation of the new version of its IA language model, QWEN3-Max, the manager explained that the group was going to intensify its investments.

Eddie Wu explained that in view of the development of AI technologies, Alibaba was going to revise her expenses in this area up, which will excite the 380 billion yuan (around 45 billion euros) which had been announced in February, Bloomberg reported.

“The rhythm of development in the sector has largely exceeded our forecasts (…) We actively continue the investment of 380 billion yuan in IA infrastructure” announced in February, “and plan to add more,” he said more specifically.

This announcement illustrates the market enthusiasm a little for the advertisements of massive spending of large tech groups in AI. Wall Street on Monday applauded the announcement by NVIDIA of investments up to $ 100 billion in Openai, a start-up known for having designed Chatgpt, to allow it to develop its data centers.

These sumptuous expenses have been perceived in recent weeks as a signal of trust on the part of tech players in the perspectives of activities related to artificial intelligence, such as dematerialized IT (Cloud) or advertising targeting.

Three -digit growth in AI

Alibaba is experiencing strong growth in these activities on this point. When publication of its latest quarterly results, the Chinese group reported an increase of 26% of its income related to cloud services and a “three -digit increase (therefore more than 100%, editor’s note) of AI -related products for the eighth consecutive”.

The Alibaba action had then jumped almost 13% following these results. Market optimism on Alibaba “is based on two elements”, explained Ruben Dalfovo, from Saxo Markets.

“Firstly, Alibaba proved that its history in the field of AI was not just a story: the demand for clouds linked to the workloads of the AI ​​generates real growth in income,” he said.

“Second, its efforts in the electronic flea field show that it does not only depend on foreign technologies at a time when geopolitics can redraw the supply chains overnight. Together, these elements give investors the certainty that the Alibaba roadmap is sustainable (…), he added.

Alibaba has indeed made its efforts to develop its own semiconductors of artificial intelligence, and thus be able to do without the graphic processors of Nvidia, reputed to be more powerful. Last week, press information reported that Alibaba had a major commercial success for his AI chips, winning the E-commerce company China Unicom as a client. This suggests that investments by Chinese tech groups to develop their own semiconductors are starting to pay.

“The company is starting to replace NVIDIA accelerators with flea -developed fleas like Baidu, which raises questions about the future demand for Nvidia’s materials for the Chinese market, even if, we recall, Nvidia’s materials are more advanced,” said John Plassard, Cité Gestion, in BFM Stock Exchange, two weeks ago.

“Alibaba appears the national AI leader” added John Plassard.

China, a serious rival of the United States in AI

Beyond Alibaba, the great juggers of Chinese tech took the corps the turn of AI, by developing their own technologies. Baidu has also invested in its own AI chips to support the development of its AI model, “Ernie Bot”.

For its part, “Tencent seems to be particularly well positioned to deploy AI agents within its various platforms and thus improve the productivity of its customers”, underlines Adrien Dumas of Mandarine Gestion.

This illustrates the will but also China’s ability to want to compete with the United States.

“If the United States is the World Center for Innovation and the Application of AI, China is also positioned very well thanks to strong political support, solid research in terms of AI, diversified application scenarios, sufficient energy supply and a formidable mass production capacity. China is also increasing in the implementation of an autonomous AI ecosystem, despite the export controls” In early September Bank of America.

“Half of IA researchers are based there (…) China is a springboard for worldwide success. Today, however, the Chinese market is estimated at 50 billion dollars,” said Jensen Huang, the general manager of Nvidia, at the end of May. The leader warned that the leadership of the United States in AI could be threatened by Beijing.