Alibaba Group showcased its AI capabilities after its Qwen-3 model became the world's first general-purpose AI to operate in orbit.
Alibaba partnered with Chinese aerospace firm Adaspace Technology for the deployment. This deployment represents a long-term growth opportunity for Alibaba Cloud. The deployment highlights China's focus on developing space-based computing power.
Separately, Alibaba's semiconductor division, T-Head, gained attention regarding its strategic plans. Nomura raised its price target for Alibaba's US shares from $193 to $237.
The bank cited the potential for the chip business's separate listing to unlock value. Nomura now values Alibaba Cloud and T-Head at approximately $390 billion.
Benzinga reported a 1.68% rise in Alibaba's premarket share price following the developments.