Shares of Alibaba Group listed in the U.S. extended their rally into Wednesday after reports that the Chinese tech and e-commerce giant is partnering with Apple to create artificial intelligence features for Apple products in China.

Alibaba Group Holding Limited stock aims to surpass $120 with strong growth forecasts and low valuation metrics. Click for my updated BABA technical analysis.

Once the most high-profile name in Chinese tech, Alibaba had several difficult years in the stock market — but the e-commerce giant could be headed for a turnaround. On Wednesday, Alibaba shares in Hong Kong climbed over 8% after The Information reported that it's working with Apple to roll out AI features for iPhones in China.