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Alibaba stock soars on expected AI spend, Nvidia pact

Alibaba (BABA) stock soared to its highest level in almost four years after the e-commerce and cloud giant said it will boost AI spending beyond its original commitment of more than 50billion,joiningtheranksofUSbigtechplayerssescalatingbetsonartificialintelligence.USlistedAmericanDepositoryShares(ADRs)jumped950 billion, joining the ranks of US big tech players's escalating bets on artificial intelligence. US-listed American Depository Shares (ADRs) jumped 9% after CEO Eddie Wu said during a conference in China that a worldwide investment in artificial intelligence is estimated to reach 4 trillion over the next five years, and Al ...