The frenzy over Chinese artificial intelligence is turning Alibaba Group Holding Ltd. into an investor favorite again, injecting new life into an e-commerce giant that had nearly sunk into obscurity following a years-long regulatory crackdown.

Alibaba stock rallied again in Wednesday morning trading, pushing shares of the China tech giant up toward a two-year high. A reported partnership with Apple is helping bolster confidence in Alibaba's AI strategy.

While Apple Intelligence has reached the EU -- and, according to some, devices where it had already been declined -- the company hasn’t launched its AI features in China yet. A report by The Information on Tuesday indicates it could be getting closer,