Cohen, the CEO of GameStop and a hero among the meme stock crowd, has grown his bullish bet on the Chinese tech giant to $1 billion, the Journal reported.

Cohen's sizable stake in Alibaba is a bullish bet on China's economic growth in the long run, The Wall Street Journal said.

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.

Alibaba (BABA) is up again today, following strong artificial intelligence (AI) investments and a report that GameStop (GME) CEO Ryan Cohen increased his personal stake in the company to $1 billion, according to the Wall Street Journal.

Billionaire investor Ryan Cohen has increased his personal stake in Chinese e-commerce giant Alibaba Group to roughly $1 billion in recent months, the Wall Street Journal reported on Thursday, citing people familiar with the matter.