BABA-W (09988) saw a strong intraday rally, climbing more than 7% before settling with a 6.07% gain to trade at 124.10 Hong Kong dollars, with a turnover of 13.173 billion Hong Kong dollars.

On August 3, the company unveiled its Qwen3.8-Max artificial intelligence model, which boasts a staggering 2.4 trillion parameters. The firm stated that the Qwen3.8-Max model achieves performance levels comparable to Anthropic's Fable model.

The Qwen3.8-Max sets new benchmarks in coding and collaboration. Key features include autonomous coding that operates for over 10 days of independent development, progressing from an empty folder to a production-ready environment without any external guidance. It delivers real-world results across hundreds of industries through production-grade outputs. The system also demonstrates long-term control with system-level autonomous planning, employing a closed-loop adaptive learning process that drives over 500 iterations of chip design optimization and 365-day e-commerce strategies. Furthermore, it offers native multimodal intelligence, where vision serves not just as an input but as a continuous feedback loop for planning, execution, and self-correction.