Chinese e-commerce firm Alibaba Group Holding posted its fastest revenue growth in more than a year, beating analyst expectations as it capitalizes on the artificial intelligence boom in China. Alibaba said Thursday that its revenue for the quarter ended December grew 8% to 280.

U.S.-listed shares of Alibaba Group are rising in premarket trading Friday after GameStop CEO Ryan Cohen reportedly raised his stake in the Chinese tech giant and as investors cheered the company’s "aggressive" plans to boost AI spending.

GameStop CEO and billionaire investor Ryan Cohen has increased his personal stake in Chinese e-commerce giant Alibaba to roughly 7 million shares worth about $1 billion, the Wall Street Journal reported Thursday.

Billionaire investor Ryan Cohen has grown his personal stake in Chinese e-commerce giant Alibaba Group to roughly $1 billion in recent months, the Wall Street Journal reported Thursday, citing people familiar with the matter.