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Alibaba's AI revenue skyrockets, sending shares up
Alibaba just reported a massive jump in revenue from its AI services—think triple-digit growth—which sent its US shares up more than 6% in pre-market trading.
While the company's total revenue only ticked up by 2% and operating income actually dipped, Alibaba's heavy focus on AI is helping it stand out as rivals like JD.com and Meituan get caught up in price wars.
Cloud sales surge
It's not just about AI: Alibaba's cloud sales jumped 26%, and user numbers on its Taobao shopping app grew by 20%.
The company has rolled out new AI models and even developed its own chip for smarter services, giving it a real edge in China's competitive tech scene.
Analysts say Alibaba's cloud division is key to keeping the business strong, even as competition heats up.