Alibaba's stock has experienced a significant surge, crossing the $99 mark in 24-hour trading and reaching over $100 in pre-market trading. The stock is now up almost 6% in Hong Kong trading and has seen a 20% increase this week, marking its best performance and highest volume since early 2023. Factors contributing to this positive momentum include buybacks, Chinese mainland net buyers, stimulus in China, the resolution of anti-trust issues, and the end of Softbank selling. Additionally, Alibaba's 30-day option implied volatility is at 45, compared to its 52-week range of 27 to 47. The stock is approaching two-year highs, with options pricing about a 2% move for the rest of today and a 9% move out to October 18th expiry. The stock has hit a short-term price target of $105 and could potentially reach $110.