Alibaba (NYSE:BABA) stock is on the rise Friday as investors react to a few pieces of news concerning the Chinese e-commerce giant.
First off, China is finally ending its lockdown on Ant Group, a financial company connected to Alibaba. With this news comes a fine of $984 million. However, this also finally opens the business up to regaining its path to a public offering for shares.
Vey-Sern Ling, Managing Director at Union Bancaire Privee, said the following about the news to Bloomberg:
“The market likes it because scrutiny looks likely to be over and the fine, though big in absolute terms, is very manageable for such a big company.”
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To go along with this, Alibaba has launched a new artificial intelligence (AI) tool that allows users to create images from text. Generative AI has been a big talk among investors lately with interest in the field growing. With this launch, Alibaba has entered the fray with its own rival to services such as DALL-E and Stable Diffusion.
Currently, Alibaba’s image-generation AI is only available to enterprise customers. The AI is still undergoing beta testing as the company hopes for a larger release in the coming months. Alibaba is also slowly rolling out the AI to avoid conflict with regulators.
BABA stock is seeing strong trading on Friday morning with some 15 million shares on the move. For comparison, its daily average trading volume is about 19.3 million shares. Also, BABA stock is up 5.8% as of this writing.
There’s even more stock market news traders will want to read about below!
We’ve got all of the hottest stock market news worth reading about on Friday! Among that is what’s moving shares of Biogen (NASDAQ:BIIB), Alpine Summit Energy (NASDAQ:ALPS) and Prestige Wealth (NASDAQ:PWM) stock today. All of that news is ready to go at the following links!
More Stock Market News For Friday
- BIIB Stock Alert: What to Know as FDA Approves Biogen’s Alzheimer’s Drug
- Why Is Alpine Summit Energy (ALPS) Stock Down 4% Today?
- PWM Stock Alert: What Is Going on With Prestige Wealth Shares?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
