Why Is Alibaba (BABA) Stock Gaining Momentum This Month?

This week, Alibaba’s stock is gaining momentum by over 6 Percent , trading at $177,01. Recently announced that from October 18 through October 31, 2021, Alibaba Group will organize its next virtual trade fair, named Online Trade Show | Autumn. More than 9,000 certified suppliers will exhibit over six million trending products across 30 product categories, with unique discounts to ease the worldwide digital B2B trade.

Besides, the company also confirmed plans to develop its in-house processor, which will support its cloud computing business. The new chip, according to reports, has been in development since 2019. Alibaba is expected to unveil the chip during its Apsara conference, which is already started and runs until October 22. This means that it will positively influence the company’s cloud operations by enhancing productivity and reducing energy efficiency.