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Chinese AI model euphoria continues with another Alibaba stock jump

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Alibaba 's Hong Kong shares jumped as much as 7.5% on Thursday after it made its QwQ-32B model public.

Alibaba said the model competes with DeepSeek's R1 in terms of performance while being more energy- and cost-efficient.

Alibaba's shares in Hong Kong and its secondary listing in New York are up 70% so far this year .