NEW YORK, Feb 8, 2026, 11:53 EST — The market is now closed.
Alibaba Group Holding Ltd’s U.S.-listed shares climbed roughly 3% Friday, finishing the session at $162.51. That followed a volatile stretch for major tech names and China-connected stocks. With U.S. markets closed Sunday, investors now look ahead to see what could move the needle when trading resumes Monday.
Investors edged back into U.S. tech stocks, driving a bounce after a steep retreat sparked by fears around AI disruption and spending. “The market looks like it was getting a bit overdone to the downside,” said Robert Pavlik, senior portfolio manager at Dakota Wealth, citing tech’s recovery. Reuters
Alibaba’s AI ambitions grabbed attention after a spike in users knocked its Qwen app offline. The company told Yicai it was “urgently adding resources” to get things running again, as it launched 3 billion yuan ($420 million) in Lunar New Year giveaways. But sharing didn’t go smoothly—WeChat blocked users from sending the campaign’s QR-code link. WeChat said cash “red envelope” links get restricted, arguing that aggressive spreading can degrade the platform’s experience. Yicai Global
The South China Morning Post reported Qwen shot up to the top spot in China’s Apple App Store after the giveaways, leapfrogging from 10th just the day before and overtaking Tencent’s Yuanbao. According to the paper, users placed over 10 million free orders in nine hours—worth 250 million yuan ($36 million) using vouchers limited at 25 yuan each. That frenzy apparently overwhelmed storefronts and disrupted the campaign. Tencent and Baidu, the paper added, have together earmarked 1.5 billion yuan for their own promotions.
Alibaba snapped its six-day slide on Friday, pulling ahead of the market as the Nasdaq rose 2.18% and the Dow climbed 2.47% to finish above 50,000 for the first time, according to MarketWatch data. Even with the rebound, Alibaba’s ADRs—those U.S.-listed proxies for overseas shares—remained roughly 16% under their 52-week peak of $192.67 from October.
Off the trading screen, Alibaba grabbed a slice of the Milano Cortina 2026 Olympics spotlight to pitch its AI and cloud chops. The company, in a statement released via EQS, announced the launch of “Alibaba Wonder on Ice”—a public installation in Milan, described as a peek into AI-powered retail and cloud-supported experiences. Chairman Joe Tsai said the group is shifting from the “Cloud Olympics” to what he called the “Intelligent Olympics.” IOC president Kirsty Coventry, for her part, called the event “a major step forward” in using cloud and AI for broadcasting and operations. MarketScreener
But for markets, the immediate takeaway isn’t so much about flashy demos—it’s about cost discipline and how well these ideas get executed. Rapid spikes in usage from subsidy-driven user grabs look good on paper, but they squeeze margins. Plus, the WeChat restrictions highlight just how much these moves rely on third-party platforms.
Alibaba’s upcoming quarterly results are slated for release on Feb. 19, ahead of the U.S. market open, with the conference call set for 7:30 a.m. ET, MarketBeat reports.
The next big date for the stock is the earnings release, which Investing.com’s calendar pegs as covering the December 2025 quarter. Eyes are on management for any hints of lasting momentum from the Qwen rollout, plus comments on how spending is shaping up as the holidays approach.
