China’s free-for-all AI models, developed by firms like DeepSeek and Alibaba, present a viable alternative to US closed-source systems.

Alibaba-backed startup Moonshot released on late Friday night its Kimi K2 model, touting performance that rivals many U.S. models.

As China vies with Silicon Valley for primacy, Hangzhou, home to DeepSeek and Alibaba, is where its aspiring tech titans mingle and share ideas.

Alibaba showed cloud and AI momentum with Qwen3 and Apple ties, but margin pressure and fair valuation temper upside. Learn why BABA stock is a hold.