Shares of Chinese stocks such as Alibaba ( BABA 1.42%) and China-exposed stocks Estee Lauder ( EL 2.72%) and Nike ( NKE 0.64%) rallied on Monday, up 6.2%, 5.2%, and 2.9%, respectively, as of 2:20 p.m. ET. Alibaba has been clawing its way back from a multiyear downturn, and both Estee Lauder and Nike had especially bad weeks last week.

According to a report published Tuesday by The Information, Apple is partnering Alibaba to bring its Apple Intelligence platform to China. The deal is said to arrive after the iPhone maker reportedly explored – but ultimately rejected – a potential partnership with uber-buzzy AI startup,