Large-cap Chinese stocks racked up gains on Wednesday after online retailer Alibaba said it would pour even more money into artificial intelligence.
The mainland CSI 300 index closed 1% higher, and Hong Kong’s Hang Seng ended the day up 1.4%.
The gains came after Alibaba CEO Eddie Wu said the company would increase spending on AI and cloud infrastructure beyond the 380 billion yuan, or $53 billion, that it had pledged in February.
