Original title: Emerging Stocks Rally as Alibaba Surges on AI Revenue Boost
A gauge tracking emerging-market equities notched its best session in a week amid thin liquidity due to a US holiday, boosted by artificial intelligence-related stocks in Hong Kong and China after Alibaba Group Holding Ltd. reported a surge in revenue from AI. The MSCI EM Index closed 0.6% higher as Alibaba jumped 19% in Hong Kong — the most in three years — as the Chinese e-commerce giant reported a triple-digit percentage gain in AI-related product revenue as well as a better-than-anticipated 26% jump in sales from the cloud division. The rally marks a break from last week’s broader Asian market decline after a tech selloff hit Wall Street.