Alibaba Q1 revenue rises 9% driven by 45% AI gains
Business
Alibaba just posted a 9% jump in revenue for the first quarter, hitting 268.95 billion yuan ($40.02 billion).
The big driver? Their AI Cloud and Compute Services shot up by 45%, showing that demand for AI tools is seriously heating up, plus their main e-commerce business kept things strong.
Alibaba tech spending up 75%
The extended "618" shopping festival helped boost sales even more.
To keep up with the AI wave, Alibaba also ramped up its tech spending by 75% this quarter, investing in AI infrastructure, proprietary models and applications.