Alibaba’s Expanded AI Pledge Ignites Tech Stock Rally, US Futures Climb

US stock futures are trending upwards, signaling a strong start to trading as investor confidence in artificial intelligence (AI) receives a significant boost. The rally is primarily fueled by Alibaba Group Holding Ltd.’s commitment to substantially increase its AI spending, surpassing an initial $50 billion target.

This development saw Alibaba’s stock jump 9% in Hong Kong, even amidst recent typhoon impacts. Nasdaq 100 futures have risen 0.2%, bouncing back from a previous session’s dip that interrupted a streak of record highs for big tech. All members of the influential ‘Magnificent Seven’ tech companies are also experiencing gains, with S&P 500 contracts showing modest advances, reflecting a broad market embrace of AI-driven growth.

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