Citi published a report saying that Alibaba's Qwen released a promotional poster over the weekend showing that the next generation of the Qwen4 model series is about to be launched. If the flagship level does expand to more than 3 trillion parameters, the bank expects a significant jump in benchmark performance. The bank pointed out that the initial GameFeel Benchmark scores have shown that the high-efficiency variants Qwen4-Flash and Qwen4-27B are comparable to or even surpass global leading-edge benchmarks at lower inference costs, confirming possible structural architecture progress. The bank believes that this launch further demonstrates Ali's continued execution towards the SOTA basic model, and benefits from its own full-stack artificial intelligence infrastructure, cloud ecosystem, and ever-expanding MaaS platform. The bank reiterated its positive view of Ali as one of the leading artificial intelligence targets in its coverage area, and maintained a target price of $193 and a “buy” rating for Alibaba's US stock.

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