Alibaba Group Holding NYSE:BABA shares climbed as much as 5% in Hong Kong on Monday after the company introduced a preview of its latest Qwen 3.8 Max artificial intelligence model, expanding competition in advanced AI coding software.
Alibaba said developers can access the Qwen 3.8 Max Preview through its Token Plan, Qoder and QoderWork platforms. The company said the model ranks among its most capable AI systems and positioned it just behind Anthropic's recently introduced Fable 5 model in performance.
Alibaba released the preview days after Chinese AI startup Moonshot unveiled its Kimi K3 model, intensifying competition among developers of large language models focused on coding and enterprise applications. Bloomberg, citing Goldman Sachs analysts led by Ronald Keung, said the market could see several high-end coding models launched following Kimi K3, increasing rivalry across the segment.
Alibaba was the top-performing stock on Hong Kong's Hang Seng Index during Monday trading.