Alibaba Group Holding (BABA) has denied rumors that it plans to invest in DeepSeek, news outlets reported Friday, citing a post on Chinese social media platform WeChat by an executive of the online retailer.
According to the reports, Alibaba Vice President Yan Qiao said the rumors circulating earlier Friday that DeepSeek was planning to invest in DeepSeek are "fake news."
Media outlets earlier cited rumors that Alibaba planned to invest $1 billion in DeepSeek.
Alibaba and DeepSeek did not immediately reply to MT Newswires' request for comment.
BABA shares were 3.6% higher in recent premarket activity.
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