Alibaba’s Hong Kong shares surged over 19% due to strong quarterly results from its cloud computing unit and new AI chip development. Despite missing revenue expectations, a 78% increase in net income pleased investors. The company’s cloud computing revenue grew by 26% annually. Alibaba is also investing in AI infrastructure and developing AI models. CNBC reported the company is developing a new AI chip, driving share prices higher. Alibaba’s e-commerce business is seeing a revival, entering the competitive instant commerce market in China. Adjusted earnings were impacted by investments in quick commerce, but investors remain supportive.

Read more at CNBC: Alibaba shares jump 19% on cloud unit growth, report of new AI chip