Key facts
- Alibaba's stock rose over 6% pre-market on June 2, 2026.
- Alibaba launched its upgraded multimodal AI model, Qwen3.7-Plus.
- Alibaba secured a six-year deal with UEFA.
- Alibaba will be UEFA's exclusive AI and cloud partner starting in 2027.
- Northwestern Mutual increased its stake in Alibaba.
- People's Daily described artificial intelligence as a 'new frontier' for US-China cooperation.
- The article suggests a desire to avoid an 'AI Iron Curtain'.
- Discussions between Presidents Trump and Xi are mentioned in relation to AI.
- The specific catalysts for Alibaba's stock increase beyond the AI model and UEFA deal are not detailed in one source.
Alibaba's stock saw a substantial rise, with shares climbing over 6% in pre-market trading on June 2, 2026. This surge was primarily attributed to two key developments: the launch of the company's latest multimodal artificial intelligence model, Qwen3.7-Plus, and the securing of a major partnership with UEFA. The six-year agreement designates Alibaba as UEFA's exclusive AI and cloud partner, commencing in 2027 and extending through 2033. This strategic deal is expected to enhance UEFA's operations through advanced AI and cloud capabilities.
Further bolstering investor confidence, institutional investors have shown increased interest in Alibaba. Northwestern Mutual, for instance, has reportedly increased its stake in the company. The specific catalysts for the stock's upward movement, beyond the AI model and UEFA deal, are not detailed, but the overall trend indicates a positive market reception.
In a related development concerning the broader geopolitical landscape of artificial intelligence, China's Communist Party mouthpiece, People's Daily, has articulated Beijing's perspective on AI's role in US-China relations. The publication described AI as a 'new frontier' for potential cooperation between the two global powers. This statement represents one of the clearest articulations from Beijing regarding its view on AI within the bilateral relationship, particularly following discussions between U.S. President Trump and Chinese President Xi. The commentary suggests a desire to foster collaboration rather than an 'AI Iron Curtain,' indicating a nuanced approach to the technological competition.