Vipshop Holdings Ltd. (VIPS), a leading Chinese e-commerce company, saw its stock surge 5.04% on Tuesday, riding on the broader rally in Chinese technology stocks fueled by optimism surrounding the nation's efforts in artificial intelligence (AI).
The stock's rally was driven by the positive sentiment surrounding China's push in the AI race, particularly with the rise of DeepSeek, a Chinese startup that has made significant strides in developing cost-effective AI models. The company's AI models have been embraced by various Chinese government entities and tech giants, sparking investor confidence in the growth potential of China's tech industry.
Additionally, Barclays analyst Jiong Shao raised the firm's price target on Vipshop to $20 from $19, maintaining an Overweight rating on the shares. This positive analyst action further contributed to the stock's upward momentum.
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