Jack Ma joins top executives in buying Alibaba stock: Report

Alibaba Group co-founder Jack Ma, along with senior executives Joe Tsai and Eddie Wu, recently increased their stake in the company by purchasing shares, as reported by the South China Morning Post. Ma acquired more than HK$600 million worth of shares, while Tsai and Wu together bought at least US$20 million worth of stock. The company's stock prices experienced a slight increase of about 0.5% in pre-market trading.

Jack Ma, who transformed a small e-commerce venture into one of China's most prominent tech conglomerates, has been increasingly vocal in his support for Alibaba's artificial intelligence initiatives in recent years. Alibaba's recent Hong Kong share offering of HK$80 billion highlights the firm's determination to invest heavily in the race to lead global AI development.

The company has pledged to spend over 380 billion yuan over three years on AI, focusing on areas such as chips, data centers, and large-language models. However, this intense focus on AI is beginning to impact Alibaba's margins, as its domestic retail business continues to struggle. Despite these challenges, Alibaba has intensified its capital spending in the June quarter, reaching nearly US$10 billion, and is now emphasizing long-term competitiveness.