Chinese ETFs and ADRs jumped in overnight trading.

Hesai rose 5%; Alibaba rose 3%; YINN, Fangdd rose 2%; Li Auto, PDD, NetEase rose 1%.

Alibaba stock climbed after the Chinese tech giant announced the release of its largest artificial intelligence model to date, featuring over one trillion parameters.

The new model, named Qwen3-Max-Preview (Instruct), is now accessible through Qwen Chat and the Alibaba Cloud API. According to the company, benchmark tests indicate that the new model outperforms its previous best offering, Qwen3-235B-A22B-2507.

Alibaba reported that internal testing and early user feedback have confirmed the new AI model’s enhanced capabilities, including stronger overall performance, broader knowledge base, and improved conversational abilities. The company also highlighted the model’s advanced proficiency in handling agentic tasks and following instructions.

The positive market reaction suggests investors view this AI advancement as a significant step for Alibaba as it competes in the rapidly evolving global artificial intelligence landscape. The trillion-parameter scale places Qwen3-Max-Preview among the largest publicly announced AI models in the industry.

This development comes as major tech companies worldwide continue to invest heavily in large language model technology, which powers generative AI applications across various sectors.

AI stocks rose in overnight trading. Applovin rose 8%; Lumen, Absci, Unity rose 3%; Hims & Hers Health rose 2%.