Alibaba Shares Jump on Plan to Boost AI Spending Beyond $53B
1. Alibaba plans to spend over $53 billion on AI in three years. 2. CEO Wu emphasizes global AI spending could reach $4 trillion. 3. Alibaba shares have nearly doubled this year amid positive sentiment. 4. Cathie Wood's Ark Management bought Alibaba shares after four years. 5. Increased AI investments signal competition with U.S. firms like Nvidia.