KEY TAKEAWAYS 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.

The e-commerce company posted a better-than-expected 7.6% rise in revenue as it worked to put growth back on track amid fierce domestic competition and a slowing Chinese economy.

Alibaba Group Holding Ltd. posted its fastest pace of revenue growth in more than a year, reflecting a turnaround in its commerce business and big strides into the critical field of AI.

Alibaba Group stock was rising Thursday as China’s artificial-intelligence boom helped drive up quarterly revenue for the e-commerce company.Alibaba American depositary receipts jumped 14% to $143.30 in early trading.