Chinese tech giant Alibaba unveiled its latest artificial intelligence reasoning model on Thursday, boasting that its capabilities beat those of rival models from OpenAI and startup DeepSeek.

Alibaba boasted that its new QwQ-32B model “almost entirely surpasses OpenAI-o1-mini” while matching the performance of DeepSeek’s R1, currently considered one of the strongest open-source reasoning models available.

Hong-Kong listed shares (HK:9988) jumped over 8% today, after the company launched its new open-source AI (artificial intelligence) model, which challenges DeepSeek’s R1 model. Alibaba’s AI unit, Qwen,

The news prompted Alibaba’s Hong Kong-listed shares to close 8% higher on the day and helped boost the Hang Seng’s China Enterprises Index. The release of Alibaba’s new AI model comes a day after the launch of the “general AI agent” Manus by another Chinese company,

Alibaba shares were rising after the Chinese firm said the latest version of its Qwen AI was comparable with DeepSeek’s R1 that shocked the world in January.

Alibaba surged 7% on Thursday after it made one of its AI models public, signaling how the party isn't over for Chinese tech stocks.

Chinese multinational technology company Alibaba launched its artificial intelligence reasoning model on Thursday, Mar. 7, boasting that the AI model's capabilities beat DeepSeek and OpenAI. Read More

Alibaba released and open-sourced its new reasoning model, QwQ-32B, featuring 32 billion parameters. Despite being significantly smaller than