Alibaba shares spike 12% in Hong Kong as T-Head chips, AI revenue fuel earnings optimism

Shares of Alibaba Group Holding surged to a high of 13.8 per cent in Hong Kong on Wednesday as equity analysts expect revenue to reaccelerate in the June quarter, driven by growing demand for artificial intelligence and narrowing losses in food delivery. The gain, the strongest this year, came before the company closed up 12.2 per cent at HK$107.5 (US$13.71). Rivals Tencent Holdings and Meituan saw their shares grow 3.8 and 3.3 per cent, respectively, while the Hang Seng Tech Index increased by.