One of the most feverishly anticipated tech stock IPOs lived up to its first day hype as Alibaba raised $21 billion and passed Facebook’s market capitalization on its first trade.

+ The NYT Dealbook takes you to Hangzhou: The city that minted thousands of Internet millionaires (and launched a whole lot of other Internet startups).

+ Yahoo owns a big chunk of Alibaba stock. How big? Big enough to be worth almost as much as Yahoo itself.

+ The WSJ has an excellent interactive piece that answers the question of the day: What is Alibaba? Imagine all the Internet’s most powerful business models rolled into one and aimed at the world’s most populated markets. (Just wait until the Alibaba Watch comes out.)