Key facts
- Alibaba's stock increased by over 6% pre-market on June 2, 2026.
- The stock surge was driven by the launch of the Qwen3.7-Plus AI model.
- Qwen3.7-Plus is a multimodal AI model capable of processing visual and language inputs.
- Alibaba signed a six-year deal to become UEFA's exclusive AI and cloud partner starting in 2027.
- Northwestern Mutual significantly increased its stake in Alibaba.
Alibaba's stock experienced a significant surge, rising over 6% pre-market to $133.23 and closing up 6.6% in Hong Kong at HK$130.90 on June 2, 2026. The primary catalyst was the launch of Qwen3.7-Plus, an advanced multimodal AI model capable of processing both visual and language inputs, positioning it as a competitor to other major tech AI offerings. This AI development was complemented by a six-year agreement with UEFA, making Alibaba the exclusive AI and cloud partner for the organization starting in 2027, which includes AI-powered tools for live events. The positive news has garnered constructive sentiment from Wall Street, with a consensus 'Moderate Buy' rating and an average price target of $188.76, further supported by institutional investors like Northwestern Mutual substantially increasing their holdings.