VNET Group, a leading carrier-neutral data center services provider in China, witnessed its stock surge by an impressive 8.17% in pre-market trading on Friday. The rally was fueled by the strong performance of Alibaba Group, a major client of VNET, which reported better-than-expected third-quarter revenue driven by robust year-end shopping sales and success in attracting cost-conscious consumers.
As a key data center partner for Alibaba, VNET Group's stock benefited from the positive sentiment surrounding Alibaba's stellar performance in its core e-commerce business and growing cloud computing division. Alibaba's cloud services heavily rely on data center infrastructure provided by partners like VNET, creating a symbiotic relationship between the two companies.
The pre-market surge in VNET Group's shares reflects investor optimism about the company's growth prospects, fueled by the increasing demand for data center services from tech giants like Alibaba. Along with its peer GDS Holdings, which also saw a significant rally, VNET is well-positioned to capitalize on the booming data center market in China.
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