Alibaba has unveiled a new flagship artificial intelligence model, Qwen3.8-Max, a 2.4 trillion-parameter system it says can compete with advanced AI systems including Anthropic's Fable 5. The launch came days after Beijing-based Moonshot AI released its Kimi K3 model for public download, and sent Alibaba shares up more than 6% in Hong Kong. On Arena.AI, Qwen3.8-Max has debuted as the top-ranked Chinese text model and the No. 2 system globally for multimodal tasks, trailing only a Claude Fable 5 variant. It is priced at roughly $2 per million input tokens and $6 per million output tokens, below what Fable 5 charges. Alibaba says Qwen3.8-Max performs on par with, and in some cases exceeds, Anthropic's Fable 5 across several text, reasoning, coding, and multimodal benchmarks.