Alibaba shares surge 7% in Hong Kong as firm accelerates pivot to AI
The Chinese tech giant’s New York-listed shares also closed up 8.2 per cent on Wednesday, after it reported triple-digit growth in AI revenues
Shares of Alibaba Group Holding opened up 7.8 per cent in Hong Kong, after the firm reported strong growth from its artificial intelligence products and ramped up its commitment to the technology.
The Chinese tech giant also saw its New York-listed shares surge 8.2 per cent on Wednesday, closing at US$145.81, after it confirmed that revenues from AI-related products had hit 8.97 billion yuan (US$1.3 billion) in the first quarter.
The company said the segment had now registered triple-digit growth for 11 consecutive quarters.
It expected its annualised recurring revenue from AI models and applications to hit 30 billion yuan by the year’s end, while AI products are projected to generate more than 50 per cent of Alibaba’s cloud-computing revenue within the next year.