Alibaba’s $110 Billion Rally on AI Optimism Faces Earnings Test

(Bloomberg) — Alibaba Group Holding Ltd. faces a key test in its earnings presentation Thursday after a DeepSeek-sparked rally added more than $110 billion to its market value.

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Hong Kong-listed shares of Alibaba surged nearly 60% from a January low through Wednesday on excitement over its artificial intelligence model, co-founder Jack Ma’s meeting with top officials and a tie-up with Apple Inc. That’s come even as the company faces concerns over the impact…