AI stocks jumped in Hong Kong market. Kingsoft Cloud up over 9%; Alibaba up about 7%; Baidu up over 5%; MiniMax up about 3%.
China's Alibaba said it would exceed its planned AI investment of up to 380 billion yuan ($55.96 billion) over the next three years, as early signs of returns from the technology pushes it to ramp-up its cloud-computing capacity.
The company missed market expectations for fourth-quarter profit, but executives said Alibaba has a clear outlook for returns on AI spending over the next three to five years.
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