Movement Alert｜Alibaba Rises 3.01% Overnight, AI Cloud Market Share Tops China Rankings as Tech Sector Rallies

Market Focus10:00

On July 8, Alibaba rose 3.01% overnight, trading at 100.95 USD/share, with turnover of 8.5019 million USD.

On the news front, Sullivan released its Full-Stack AI Cloud Services Market Report for China, showing total IaaS, PaaS, and MaaS market size reached 59.59 billion yuan. Alibaba Cloud recorded 23.9 billion yuan in revenue with a 40.1% market share, ranking first and exceeding the combined share of the second through fourth players.

Additionally, Morgan Stanley's chief U.S. equity strategist Michael Wilson noted that upward momentum in semiconductor stocks is fading, with capital rotating toward previously underperforming AI hyperscale data center operators. Cloud computing stocks broadly rallied, with Salesforce up over 2% and Meta up nearly 2%.

Meanwhile, the company continues to execute its buyback program, repurchasing over 4.1 million shares on July 6 at a cost of approximately 49.99 million USD.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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