Alibaba (BABA) +5% –
Shares rose after the company unveiled a preview of its flagship Qwen 3.8 Max AI model, which it described as second only to Anthropic’s Fable 5. The release followed Moonshot’s Kimi K3 launch, intensifying competition in the AI coding model market. Alibaba said developers can immediately access Qwen 3.8 Max through its Qoder platform and called it one of the most powerful AI models currently available. Goldman Sachs said the launch signals heightening competition in high-end AI coding models, with multiple advanced large language models expected to enter the market in the coming months.