08:31 AM EST, 02/07/2025 (MT Newswires) -- Alibaba Group Holding ( BABA ) has denied rumors that it plans to invest in DeepSeek, news outlets reported Friday, citing a post on Chinese social media platform WeChat by an executive of the online retailer.

According to the reports, Alibaba ( BABA ) Vice President Yan Qiao said the rumors circulating earlier Friday that DeepSeek was planning to invest in DeepSeek are "fake news."

Media outlets earlier cited rumors that Alibaba ( BABA ) planned to invest $1 billion in DeepSeek.

Alibaba ( BABA ) and DeepSeek did not immediately reply to MT Newswires' request for comment.

BABA shares were 3.6% higher in recent premarket activity.