Alibaba up in US premarket after release of AI models

ALIBABA

Shares of Alibaba Group Holding Ltd. traded higher on Thursday in the US premarket. The move comes hours following the launch of two open-source AI models similar to Meta Platforms' Llama 2.

The Hangzhou-based firm previously disclosed that it had open-sourced two new Linguistic Language Models (LLMs) called Qwen-7B and Qwen-7B-Chat. According to the update posted on GitHub, Qwen-7B outperforms current reference models of a similar size and surpasses even larger models, such as LLaMA-7B, LLaMA 2-7B, and Baichuan-7B.

At 6:41 am ET, shares of Alibaba Group Holding Ltd. rose 1.11% to sell for $96.13.

Baha Breaking News (BBN) / JG