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On September 24, 2025, Alibaba's shares listed on the Hong Kong Stock Exchange soared by nearly 9%. This surge propelled its market capitalization to HK$3.3 trillion, achieving a four-year high. During the 2025 Alibaba Cloud Summit, Alibaba revealed its partnership with NVIDIA in the realm of Physical AI. This collaboration spans the entire process, from data synthesis and processing to model training, environment simulation for reinforcement learning, as well as model validation and testing. In parallel, Alibaba Cloud made a substantial enhancement to its full-stack AI system, unveiling seven successive iterations of the Tongyi large model. Notably, its flagship model, Qwen3-Max, outperformed GPT5 and other competitors, securing a spot among the top three globally.
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