Alibaba Group Holding Ltd. ( BABA )   stock climbed 5.90% to HKD 105.90 ($13.60) in Hong Kong trading Monday, extending its year-to-date gains to 30.26% as investors eye the company’s upcoming third-quarter earnings report and recent artificial intelligence developments.

The Chinese e-commerce giant’s cloud unit recently launched Qwen2.5-VL, an advanced AI model family capable of parsing files, analyzing videos, counting objects in images, and controlling PCs. The model reportedly outperformed competitors including OpenAI‘s GPT-4, Anthropic’s Claude 3.5 Sonnet, and Google’s Gemini 2.0 Flash across various benchmarks.

The strong performance comes as Chinese tech stocks experience broader momentum, led by AI firm DeepSeek. This is helping narrow the valuation gap with U.S. tech leaders known as the “Magnificent Seven.” Alibaba ( BABA ) will report its third-quarter earnings before the market opens on Feb. 20.

The company’s Alibaba Group Holding Ltd. ( BABA ) ADR shares closed at $103.51 on Friday, up 3.13% on the U.S. markets, with after-hours trading showing a slight decline of 0.26%.

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