Consumer stocks were mixed premarket Wednesday, with the Consumer Staples Select Sector SPDR Fund (XLP) 0.1% lower, while the Consumer Discretionary Select Sector SPDR Fund (XLY) up 0.3%.

Alibaba Group (BABA) plans to increase its spending on artificial intelligence development as the Chinese e-commerce giant looks to become a "full-stack AI service provider," news outlets reported, citing Chief Executive Eddie Wu. Separately, Alibaba's cloud unit said it intends to launch its first data centers in Brazil, France, and the Netherlands, with more data centers planned in the coming year. Shares of Alibaba Group Holding were up more than 8% pre-bell.

Thor Industries (THO) stock was up more than 6% after the company reported fiscal Q4 earnings and net sales that topped analysts' expectations.

MillerKnoll (MLKN) shares were up more than 2% after the company posted higher fiscal Q1 adjusted net income and revenue.