Chinese tech stocks, including beaten-down names like Alibaba, rallied this week, hitting highs not seen in more than a year after China’s central bank announced measures to stimulate the world’s second-largest economy.

The Hang Seng Tech Index in Hong Kong, which contains most of the big Chinese tech stocks, closed up nearly 6% at its highest level since early August 2023. The index is up 20% this week.

Alibaba closed above $100 per share for the first time since August last year in the U.S. on Thursday, after surging 10% during the session. On Friday, the company’s Hong Kong-listed stock reached its highest close since February 2023, up nearly 5% to 102.50 Hong Kong dollars. The e-commerce giant’s shares in Hong Kong are around 18% higher this week.

Tencent, the owner of China’s biggest messaging app WeChat and one of the largest gaming firms in the world, closed up nearly 2% at 437.80 Hong Kong dollars per share. This is the firm’s highest close in more than two-and-a-half years and comes after Tencent’s stock rallied around 49 % this year amid a recovery in its core gaming business.

Food delivery giant Meituan meanwhile ended the session 8% higher at 164.60 Hong Kong dollars a share, the company’s highest close level since February last year.

The market uptick comes after the People’s Bank of China this week announced a cut to the amount of cash that banks need to have on hand. The central bank outlined plans to further support the struggling property market, including extending measures for two years and cutting the interest rates on existing mortgages.

These measures have been declared in the hope of boosting the Chinese economy. Prior to the cuts, investors had been cautious on Chinese tech stocks like Alibaba and Meituan which are sensitive to the economy and consumer in China.

However, big-name investor have started to strike a bullish tone on Chinese stocks. Billionaire hedge fund founder David Tepper told CNBC on Thursday that, after the U.S. Federal Reserve cut interest rates this month, he bought more Chinese stocks including names like Alibaba and Baidu.

Other names including JD.com and Baidu also logged share increases this week.

Despite the latest upswing, Chinese tech stocks remain significantly off their all-time highs hit in 2021.

– CNBC’s Evelyn Cheng contributed to this report.

The most impressive aspect of Meta’s Orion augmented-reality glasses has more to do with size and comfort than flashy computer graphics.

CNBC senior media and tech correspondent Julia Boorstin was able to use Orion this week at Meta’s annual Connect conference, and she was captivated by the prototype’s compact form relative to the various Meta Quest and Apple Vision Pro virtual reality headsets.

“What was really striking to me about these was that they were incredibly lightweight,” Boorstin said.

Meta CEO Mark Zuckerberg revealed the Orion glasses on Wednesday and pitched them as “a glimpse of a future that I think is going to be pretty exciting.” The glasses are black and thick framed and come with a wireless “puck” that allows the device to run apps like a holographic game of digital chess or ping-pong that appear as digital graphics spliced into the real world.

The experimental glasses are part of Zuckerberg’s multi-billion dollar plans to build the next-generation of personal computing for the so-called metaverse, a term used by Meta to describe people interacting with one another online in virtual 3D spaces.

While Orion is not capable of putting users in fully virtual worlds, the glasses can overlay digital graphics onto the real world. And unlike VR headsets that can be cumbersome to wear for extended periods, Boorstin said she found the Orion glasses to be a good fit.

“The form factor didn’t feel meaningfully different than wearing a pair of heavy, ordinary glasses, and they were not uncomfortable to wear,” she said.

Though the current incarnation of the Orion AR glasses could pass as a movie prop for the film “Revenge of the Nerds,” Boorstin said she believes they’re only going to get smaller as technology improves.

“This is the first generation — four years from now, how much smaller will they be?” Boorstin said.

When wearing the AR glasses, Boorstin was able to see digital holograms displaying the visual icons of apps like Instagram, Facebook and some extras like a browser and a video game mixed with the surroundings inside a small office at Meta’s headquarters.

Boorstin saw those digital icons overlaid atop her real-world surroundings with her own eyes. That’s an improvement over “passthrough” techniques used by current VR devices. For passthrough, companies use cameras on the outside of their headsets to show users a digital representation of the real world blended with computer graphics through their device screens.

Orion is able to overlay digital imagery on the real world using a much more expensive method. Its lenses aren’t made from traditional glass or plastic but rather a refractive material called silicon-carbide. When the Orion’s miniaturized projectors, built-in to the arms of the glasses, beam light into the silicon-carbide lenses, users can see “holograms” in their field of vision, an experience Boorstin said “felt totally normal and very natural.”

When the holograms were turned off, “it felt as if you were wearing glasses or sunglasses, and it wasn’t distracting or nauseating,” Boorstin said.

Boorstin was able to open, close and scroll through the apps with the help of a wristband, that she said felt similar to an old, lightweight Fitbit.

“The wristband can sense your finger and hand movements, so your hand can be by your side,” Boorstin said, describing how her finger movements and gestures manipulated the digital icons. “I was surprised that it was so accurate and that I could figure out these hand motions, and it picked them up exactly.”

In one demo, the Orion glasses were able to identify various food ingredients, like chia seeds, that were spread out on a table. It then projected a suitable recipe that appeared digital above the real-world seeds. In another demo, Boorstin played a simple game of pong, except the video game graphics were projected onto a real-world desk in front of her.

One demo that really impressed her involved seeing her producer’s face digitally appear in front of her while he called from another room. The overall experience of the 3D video call “felt very clear” to Boorstin, who noticed that the graphic’s resolution would change depending on where she placed it within her field of vision. It was enough to startle her into questioning whether or not the producer could actually see her in real life since it appeared as if he was there in front of her (he could not).

“I could see him perfectly, and he could not see me,” Boorstin said. “But I could hear him, and it was like I was FaceTiming with him, but he was in my glasses.”

By experiencing Orion, Boorstin said she has a better sense of how Meta’s research and development is directly benefiting the company’s other products, like its Quest headsets and Ray-Ban smart glasses.

“They’ve been working so hard to make these components teeny, tiny, efficient, weightless,” she said.

Watch: Meta unveils Orion AR glasses

OpenAI CFO Sarah Friar is looking to reassure its investors that the richly valued artificial intelligence startup is still in a strong position and is poised to close a big funding round soon, despite losing top talent this week.

In an email to OpenAI’s investors seen by CNBC, Friar addressed the departure of Chief Technology Officer Mira Murati, who announced her departure on Wednesday. Later that day, Sam Altman said two top research executives, Bob McGrew and Barret Zoph, were also leaving.

“I wanted to personally reach out following the news of Mira’s departure from OpenAI,” Friar wrote in the letter, which was viewed by CNBC. “While leadership changes are never easy, I want to ensure you have the full context.”

Friar added that, “We are incredibly proud of everything she’s helped build,” and said the San Francisco-based company still has a “talented leadership bench” to compete.

OpenAI, which is backed by Microsoft and recently partnered with Apple on its AI for iPhones, is in the midst of closing a $6.5 billion funding round, which should value the company at roughly $150 billion, according to sources familiar with the matter. Thrive Capital is leading the round, and plans to invest $1 billion, according to sources.

Friar said in the email that the funding round was oversubscribed and would close by next week. She said the team plans to host a series of calls with investors to introduce the group to key leaders from product and research teams.

“Collectively, we remain laser-focused on bringing AI to everyone and building sustainable revenue models that fuel our operations and deliver value to our investors and employees,” Friar wrote. The company is “excited for you to be with us as we enter our next chapter,” she wrote.

OpenAI declined to comment on the email.

Murati’s departure comes after six and a half years at the company. She briefly served as interim CEO last year after the board of directors abruptly fired Altman. When Altman was quickly reinstated, Murati returned to the role of CTO.

The company was already dealing with the loss of key executives. Co-founder John Schulman and safety chief Jan Leike left to join rival Anthropic. Co-founder Ilya Sutskever left to start another AI company , while another founder, Greg Brockman, is on a leave of absence.

Friar said Mark Chen will step into the role of of senior vice president of research, and leaders like Kevin Weil, who joined from Meta, and Srinivas Narayanan are the “right people to keep pushing the boundaries of innovation.”

Friar was formerly CEO of Nextdoor, and before that CFO at Block, formerly Square.

Also on Thursday, at an all-hands meeting, Altman denied that there are plans for him to receive a “giant equity stake” in the company, calling reports of such a development “just not true,” according to a person who was in attendance.

Altman and Friar both said at the meeting, conducted by video, that investors have raised concerns about Altman not having equity in the company that he co-founded almost nine years ago, said the person, who asked not to be named because the gathering was only for employees.

WATCH: Sam Altman’s top deputies depart