On September 22, Alibaba rose 3.15% overnight, trading at $119.26/share, with turnover of $27.39 million. The rally was primarily driven by the opening of the Apsara Conference and multiple positive institutional catalysts.

Chairman Joe Tsai delivered a keynote at the conference under the theme of turning AI into real-world productivity, outlining Alibaba's five-layer full-stack AI architecture spanning chips, cloud infrastructure, foundation models, model-as-a-service, and agent applications. Ahead of the event, Citi initiated a 30-day positive catalyst watch, maintaining a Buy rating with a HK$189 target price, expecting the company to reaffirm its three-year RMB 380 billion capex plan, $100 billion external cloud revenue target by FY2031, and potentially update its MaaS ARR progress toward the RMB 30 billion year-end goal. CLSA separately issued an Outperform rating, citing the rise of Agentic AI in China. Alibaba also appointed Liu Dayiheng as the new Qwen LLM lead and released several new AI models including Qwen3.8-LiveTranslate and Qwen-Image-2.1, further reinforcing its AI momentum.

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