Alibaba Shares Jump as Company Unveils New AI Chip and Data Center Expansion

The Chinese tech giant introduced its Zhenwu V900 accelerator and outlined plans to deploy 20 gigawatts of data center capacity by 2032.

Chinese technology giant Alibaba has introduced a new artificial intelligence accelerator chip named Zhenwu V900, alongside ambitious plans to expand its computing infrastructure and data centers. Shares of the company jumped following the announcement, according to CNBC.

Reports by Bloomberg and TradingView noted that Alibaba set a target to build out 20 gigawatts of data center capacity by 2032. The initiative is aimed at cementing Alibaba's footprint in artificial intelligence and supplying the computing power required for advanced models.