KEY TAKEAWAYS U.S.-listed shares of Alibaba Group are rising in premarket trading Friday after GameStop CEO Ryan Cohen reportedly raised his stake in the Chinese tech giant and as investors cheered the company’s "aggressive" plans to boost AI spending.

GameStop CEO and billionaire investor Ryan Cohen has increased his personal stake in Chinese e-commerce giant Alibaba to roughly 7 million shares worth about $1 billion, the Wall Street Journal reported Thursday.

Billionaire investor Ryan Cohen has grown his personal stake in Chinese e-commerce giant Alibaba Group to roughly $1 billion in recent months, the Wall Street Journal reported Thursday, citing people familiar with the matter.

Chinese e-commerce giant Alibaba highlighted its AI ambitions as it reported strong results for its third quarter, fueling hopes that it will become a leader in AI.

Upbeat earnings by big tech companies have added to a recent rally driven by Xi Jinping’s meeting with top corporate executives and the AI hype around DeepSeek.

It’s been Alibaba’s day, week and month. The company has added $123 billion in market value in February, helped by a DeepSeek-driven rally in Chinese tech stocks, its tie-up with Apple to roll out AI features in China and Beijing’s rehabilitation of co-founder Jack Ma.