Alibaba previews Qwen 3.8 Max AI model, shares jump in Hong Kong

Product / TechIndustry Impact 4
โดย GuruFocus·Read original
Summary · why it matters

Alibaba shares jumped as much as 5.4% in Hong Kong after the company previewed Qwen 3.8 Max, a new AI model it says ranks just behind Anthropic's Fable 5. The release came only days after Moonshot launched Kimi K3, adding to a burst of competition among Chinese developers building high-end coding and reasoning models. Alibaba has already made Qwen 3.8 Max available through platforms including Qoder, giving developers an early chance to test it. The market reaction also showed how quickly leadership can shift, with MiniMax falling 6% and rival Z.AI dropping as much as 15%. Goldman Sachs expects competition in coding models to intensify but still views Alibaba as its top cloud pick because of its heavier AI spending.

Impact on stocks 5

Artificial Intelligence± Mixed · 3 stocks
MiniMax Group Inc
0100
▼ NegativeCompetitionrelevance

MiniMax fell 6% as Alibaba's new model intensifies competition among Chinese AI developers.

Biotech & Genomic Medicine▲ · 1 stocks
Financials▲ · 1 stocks

Theme Impact 3

Off-coverage companies 1

AnthropicPrivate± Mixed
Competitionrelevance

Anthropic's Fable 5 is mentioned as a benchmark for Alibaba's model, but no direct impact on Anthropic is stated.

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