Shares surged 3.5% to $119.81 as Alibaba unveiled what it calls China's most powerful AI processor at its annual cloud conference in Hangzhou, capping a 11.7% r

Shares surged 3.5% to $119.81 as Alibaba unveiled what it calls China's most powerful AI processor at its annual cloud conference in Hangzhou, capping a 11.7% rally over the past five trading sessions. The announcement landed days ahead of a Xi-Trump summit where AI competition is expected to be a …