E-commerce giant Alibaba Group Holding has secured consumer mindshare with its instant commerce push, leading to a 13% surge in its New York-listed shares to US$135. CEO Eddie Wu Yongming highlighted successful user growth and market positioning, particularly through the Taobao Instant Commerce initiative, which boosted monthly and daily active users significantly.

Alibaba’s foray into instant commerce is expected to generate an additional 1 trillion yuan (US$140 billion) in transactions over the next three years, creating over 1 million jobs. The company’s commitment to this sector has already shown promising results, with a 25% increase in monthly active consumers and a 20% rise in daily active users on the Taobao app in August.

Alibaba’s cloud computing business saw a 26% revenue increase year-on-year to 33.4 billion yuan, marking its fastest-growing segment. The firm plans to continue investing in AI and infrastructure, with CEO Eddie Wu Yongming emphasizing backup plans to secure AI chip supplies despite US trade restrictions and geopolitical tensions.

Alibaba’s total group revenue for the quarter ended June 30 rose 2% to 247.7 billion yuan, with several brokerages raising target prices for the company above US$160. The firm’s commitment to instant commerce, cloud computing, and digital commerce segments has positioned it for sustained growth and market leadership in a consumption-driven economy.

Read more at Yahoo Finance: Alibaba sees strong consumer mindshare reviving e-commerce momentum