Boiling over! Alibaba’s stock price hits a 4-year high.

At the 2025 Yunqi Conference on September 24, Alibaba officially launched Qwen3-Max, its largest and most capable model to date.

In addition, Alibaba is advancing the construction of AI infrastructure worth 380 billion yuan.

Wu Yongming, Director and Chief Executive Officer of Alibaba Group, stated that large models represent the next-generation operating system, while AI cloud is the next-generation computer. Perhaps in the future, there will only be five or six global super cloud computing platforms. Currently, Alibaba is actively advancing the construction of 380 billion yuan worth of AI infrastructure and plans to make even greater investments.

Alibaba has become a market bull stock this year, with its share price skyrocketing! The Hong Kong-listed shares surged over 115%, while the U.S.-listed shares rose by 96.98%.

After four years, Wall Street tycoons have once again started building positions in Alibaba and other Chinese assets.

Cathie Wood, known as the ‘Tech Stock Goddess’ and CEO of ARK Invest, reopened her position in Alibaba, marking the first time in four years.

Wood gained fame for founding ARK Invest (ARK), and her highly transparent investment strategy and dedication to technology stocks have earned her the title of ‘Female Warren Buffett’.

ARK trading reports show that two of its exchange-traded funds (ETFs) jointly purchased Alibaba American Depositary Receipts (ADRs) on Monday (September 22), with a total value of approximately $16.3 million.

ARK, led by Cathie Wood, can trace its investment in Alibaba back to the company’s U.S. IPO in 2014.

According to data from the U.S. Securities and Exchange Commission (SEC), ARK continued to invest in Alibaba until September 2021 when it stopped.

After that, SEC records show that ARK had no investment or proxy voting records related to Alibaba, marking a four-year silence.

After four years, Cathie Wood re-established a position in Alibaba, leading to market speculation that she may be reassessing the value of Chinese technology companies.

In addition to Alibaba, Cathie Wood also purchased $2.9 million worth of Baidu and $2.1 million worth of Pony AI.

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Today marks the anniversary of the ‘September 24 Stock Market Rally’! Over the past year, one out of every four stocks has doubled, with individual investors earning an average of RMB 50,000.

Over the past year, the Hong Kong and A-share markets have undergone a dramatic transformation.

The Beijing Stock Exchange 50 Index surged over 150%, leading global indices, while the ChiNext Index approached a 100% gain. The Hang Seng Tech Index and Shenzhen Component Index rose nearly 60%, the Hang Seng Index climbed nearly 40%, and the Shanghai Composite Index gained 34%. Overall, Chinese assets have led global stock markets.

As of September 23, in the past year, a total of 1,435 stocks in the A-share market have doubled. Out of more than 5,400 stocks across the entire market, one in every four stocks has doubled. Among them, three stocks gained tenfold, and 38 stocks gained fivefold.

Despite the emergence of many stocks doubling in value, there were also 167 individual stocks whose prices fell over the past year instead of rising.

Additionally, from the perspective of total market capitalization, since the 9/24 market rally last year, the average retail investor has gained RMB 50,000.

The total market capitalization of China’s A-shares was RMB 77.78 trillion during the 9/24 market rally last year, and it has now risen to RMB 113.72 trillion, with an increase of nearly RMB 36 trillion in A-share market value within a year.

Currently, A-share investors hold one-third of the A-share market’s total value, implying an increase of approximately RMB 12 trillion in one year. There are more than 240 million A-share investors currently.

Based on this measure, it indicates that since the 9/24 market rally, the average A-share investor has earned RMB 50,000.

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In the U.S. stock market, Federal Reserve Chair Jerome Powell dropped a ‘bombshell’ last night.

After experiencing consecutive gains, the U.S. stock market saw a correction on Tuesday following remarks by Federal Reserve Chair Jerome Powell.

Powell stated that by many metrics, U.S. stock valuations are already ‘quite high.’ Although the Federal Reserve will not directly intervene in the price of a specific asset, he believes the risk of a stock market bubble is increasing.

Before Powell’s speech, U.S. investors remained immersed in the positive sentiment of interest rate cuts, with both the S&P 500 Index and Nasdaq Composite hitting new highs.

As the Federal Reserve signaled ‘high valuations,’ capital flows underwent subtle changes, with some investors opting to take profits.

Just the day before, NVIDIA announced an investment of up to $100 billion in OpenAI, triggering a surge in its stock price and driving overall market gains.

In response, some market participants issued warnings, likening such trading behavior to the capital frenzy during the dot-com bubble era. A senior trader admitted, ‘This is somewhat similar to the inter-investments among internet companies in 2000; excessive reliance on one another may lead to systemic risks.’

Regarding U.S. equities, Buffett has exhibited an unusually cautious stance over the past two years, net selling U.S. stocks for 11 consecutive quarters.

Recently, Buffett has made a new move! He continues to bet on Japanese stocks.

Berkshire Hathaway, under Buffett, increased its stake in Mitsui & Co., Ltd. once again.

On September 22, Mitsui & Co., Ltd. announced on its official website that Berkshire Hathaway had increased its shareholding, bringing its voting rights stake to over 10%.

Following this latest round of share purchases, Berkshire Hathaway has become a ‘major shareholder’ of Mitsui & Co., Ltd.

Mitsui stated that Berkshire had already planned to hold its shares in Mitsui for the long term before increasing its stake and is considering further增持 in the future.

Previously, Berkshire had increased its stake in another major trading house, Mitsubishi, to exceed the 10% threshold.

Berkshire entered the Japanese market in 2020, initially acquiring a 5% stake in each of the five major trading houses. These trading houses have a wide range of businesses, spanning from liquefied natural gas to salmon farming.

It is worth noting that Buffett’s purchases of Japanese stocks are not made with his own US dollars; most are financed through issued yen bonds.

Regarding the reasons for Buffett’s investments in Japan, his partner Charlie Munger once revealed: the extremely low interest rate environment in Japan (with yen bond interest around 0.5%) combined with the high dividend yield of the five major trading companies (approximately 5%) creates an almost risk-free carry trade. Such opportunities are extremely rare, with the investment described as requiring little thought, yielding returns ‘as easy as God opening a box and pouring money in.’

Overall, Buffett’s investment in Japanese stocks amounts to borrowing at low interest rates to invest in high-dividend assets, with an annual payment of $135 million in yen bond interest, yielding an annual dividend of $812 million.