What's Going On With Alibaba Stock Today?

Alibaba Group Holding Limited BABA stock is trading higher Tuesday amid reports of China planning to ramp up its computing power by over a third by 2025. 

China is also considering raising its budget deficit for 2023 as the government prepares to release a new round of stimulus to help the economy accomplish the growth target.

Policymakers are weighing the issuance of at least 1 trillion yuan ($137 billion) of additional sovereign debt for spending on infrastructure like water conservancy projects, Bloomberg reports.

The company looks to invest RMB 2 billion ($274 million) to aid medium and small-sized merchants reach a turnover of one million yuan during Singles Day, as announced by Alimama, the company's marketing operating system. 

This move aligns with Alibaba's broader strategy to stimulate consumer spending during China's most significant shopping event, Technode reports. 

The e-commerce titan is reintroducing its live-streamed evening gala on November 11, Singles Day, featuring celebrities and prominent shows after a hiatus last year. 

The shopping extravaganza will commence pre-sales on October 24 and conclude on November 11. 

Additionally, Alibaba is earmarking RMB 50 million in cash to support merchants and influencers engaging in livestream shopping events and producing associated short videos.

On a separate note, Chen Long, the president of strategic planning and of Alibaba's research institute, Luohan Academy, has resigned. 

Chen played a pivotal role in developing the Jack Ma founded Luohan Academy and left Alibaba at the end of the previous month. He will continue to lead the Luohan Institute of Digital Economy. There are speculations that Chen is venturing to start his own business. 

Alibaba has dispelled rumors of closing down the Luohan Academy, stating that while there will be changes in team composition and work priorities, the academy and its brand will persist. A reorganization is currently underway.

Price Action: BABA shares traded higher by 1.37% at $86.01 premarket on the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.