Five Chinese Firms Dominate Friday’s Top 10 Gainers

6. Alibaba Group Holding Ltd. (NYSE:BABA)

Alibaba rallied for a second day on Friday, adding 5.72 percent to finish at $143.75 apiece as investors cheered twin news that the e-commerce giant would expand heavily in Artificial Intelligence over the next three years, coupled with better earnings performance reports.

In a call with analysts, BABA CEO Eddie Wu said that the group would invest heavily in cloud and AI infrastructure, more than the amount it spent over the past decade. The announcement came at a time when companies and industries in China are slowly integrating DeepSeek into their operations to support growth.

Wu, however, declined to elaborate on the amount to allocate but emphasized that the primary objective was to pursue AI. Part of its plans would see the launch of a deep reasoning model as it seeks to compete with DeepSeek and OpenAI’s recent models that have reasoning capabilities for solving complex tasks.

During the fourth quarter of 2024, BABA saw net income attributable to shareholders increase by 239 percent to $48.9 billion from $14.4 billion in the same period last year, while revenues rose 8 percent to $280 billion from $260 billion.