Preview of Alibaba's new flagship model Qwen3.8: 2.4 trillion parameters, rivaling Fable 5 and Kimi 3

The model supports multimodal processing, including images, videos, and documents, and has already been launched on platforms such as Qoder, with full model weights to be openly released "very soon." Notably, Moonshot AI—a company backed by Alibaba—has just set a new record with Kimi K3, a model featuring 2.8 trillion parameters, intensifying the internal competition within Alibaba's investment portfolio over the title of the 'largest open model.'

wallstreetcnJul 20 09:27

Have China-based internet giants hit bottom? Bernstein: AI costs are being overly pessimistically interpreted; focus on Tencent.

Bernstein believes the most pessimistic phase for Chinese internet stocks may have passed, and market concerns over AI inference costs have been significantly overstated. With Tencent's HY3 launch and Alibaba Cloud accelerating its growth, conditions are accumulating for a valuation recovery in the sector. Among them, Tencent remains the top pick, with a target price of HK$780, implying approximately 69% upside from current levels.

wallstreetcnJul 20 22:08

U.S. Market Close | All three major indices opened higher but closed lower; cloud service providers saw a surge in orders, with IREN surging 20% and Hut 8 rising over 10%; Chinese ADRs strengthened, with Alibaba up nearly 5%; crypto rebounded, with Circle

The S&P 500 declined 0.19% to close at 7,443.28, falling below its 50-day moving average. The semiconductor index rose 0.60%. Microsoft gained 2.15%, Apple fell 2.14%, and Tesla dropped 2.96%. The yield on the 10-year U.S. Treasury note rose 5 basis points to 4.60%. Bitcoin increased by 1.32%. WTI September crude oil futures rose 0.9% to settle at $83.23 per barrel, while Brent crude gained 1.3% to close at $89.22 per barrel.

wallstreetcnNow

Technology Shares Rise To Start Week -- Technology Roundup

WSJ04:55

U.S. President Donald Trump warned of intensified retaliatory strikes against Iran, fueling expectations of a rate hike by year-end amid rising crude oil prices; the dollar extended gains to ¥162.59/$1.1403.

[London Market Overview] On the 20th, the dollar-yen pair showed limited downside in Tokyo trading. Amid thin liquidity due to the Tokyo market holiday, dollar-buying driven by higher crude oil prices and elevated U.S. interest rates receded, pushing the pair down from ¥162.57 to ¥162.30. However, sustained high levels in crude oil prices and U.S. rates supported continued dollar demand, leading to a modest recovery in the afternoon session. • The euro-yen rose from ¥185.59 to ¥185.82. • The euro-dollar climbed from $1.1424 to $1.1445. [Monetary Policy]

Fisco Japan04:43

Nasdaq Loses Early Gains as Fears Persist Over Oil Prices, AI -- WSJ

WSJ04:42