Alibaba (BABA) Shares Surge Following AI Model Launch
Chinese e-commerce giant Alibaba has unveiled an upgraded version of its artificial intelligence model, Qwen2.5 Max. According to the company, the model:
Outperforms DeepSeek, the AI model that made headlines this week, in several key areas.
Achieves "competitive performance compared to top-tier models," referencing OpenAI and Meta, based on benchmark tests.
The news was met with enthusiasm, driving Alibaba's (BABA) stock price up by more than 6% in a single day, pushing BABA shares to their highest level of the year.
The technical analysis of the BABA stock chart shows that stock fluctuations form reference points for constructing the Andrews Pitchfork pattern, while price movements along the central line (indicated by an arrow) confirm the validity of the pattern's construction.
Currently, the price:
Has broken above Decembers high at around $94.
Is approaching the psychological resistance level of $100.
Whether bulls can sustain or extend these gains will largely depend on Alibabas Q4 earnings report, set to be released today, 29 January.
According to TipRanks:
11 out of 12 analysts recommend buying BABA stock.
The 12-month average price target stands at $121.33.
Read more: https://fxopen.com/blog/en/oa-alibaba-baba-shares-surge-following-ai-model-launch/
Text source: Forex Trading Blog
