GameStop CEO Ryan Cohen has expanded his stake in Alibaba to roughly 7 million shares worth about $1 billion. The investment signals a bullish outlook on China’s economic growth. Alibaba’s shares surged over 8% on Thursday after reporting a sharp profit increase in the December quarter, driven by its Cloud Intelligence and e-commerce units. In 2023, Cohen urged Alibaba to increase buybacks, believing the stock was undervalued. Alibaba founder Jack Ma attended a private meeting with Chinese President Xi Jinping, who encouraged private businesses to embrace a new era. Cohen, who co-founded Chewy, has led GameStop’s cost-cutting and operational streamlining efforts.
2025