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Alibaba's stock surged by up to 8% following the introduction of its QwQ-32B artificial intelligence model, which the company claims surpasses competitors such as OpenAI and DeepSeek-R1 in efficiency. The firm revealed intentions to allocate a minimum of 380 billion yuan towards AI and cloud infrastructure over the next three years, surpassing previous investments in this sector. A meeting between Chinese President Xi Jinping and tech industry giants, including Alibaba's founder Jack Ma, signifies a resurgence in the tech sector, as evidenced by the Hang Seng China Enterprises Index's rise of over 30% since January. Chinese tech shares are rebounding due to supportive government measures and growing investor confidence.