Alibaba’s U.S.-listed shares have nearly doubled this year as the Chinese company invests heavily in AI, planning to spend more than the previously announced $53 billion over the next three years. This move intensifies competition with U.S. chip giants like Nvidia, who recently announced a $100 billion investment in OpenAI. The surge in AI spending by tech firms has contributed to record highs in U.S. stock markets, with Alibaba CEO Eddie Wu emphasizing the importance of keeping up with global AI investments, which are projected to reach $4 trillion over the next five years. Alibaba’s stock has soared as co-founder Jack Ma returns to Beijing and the company focuses on an “AI first strategy,” prompting optimism among investors including Cathie Wood’s funds, which recently purchased Alibaba shares for the first time in four years.

Read more at finance.yahoo.com: Alibaba Shares Jump on Plan to Boost AI Spending Beyond $53B