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.

Apple Inc.'s iPhones will use Alibaba Group Holding Ltd.'s AI technology, the Chinese firm's chairman said, affirming reports the e-commerce pioneer had scored a coveted role in helping power the iPhone in the world's top mobile arena.

Apple has announced a new iPhone which brings artificial intelligence (AI) features at a lower cost than its flagship handsets. The iPhone 16e has the same processor as the larger iPhone 16, Apple said,

CBS News MoneyWatch correspondent Kelly O'Grady breaks down Apple's newest basic iPhone that will be available later this month. The 16e has AI tools and is a lower-cost option compared to the iPhone 16.

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.

KEY TAKEAWAYS Shares of Alibaba Group listed in the U.S. are jumping in premarket trading Thursday after the Chinese tech and e-commerce giant reported quarterly results that beat estimates.The company said revenue in its December quarter rose 7.