Alibaba has re-emerged as a strong player in AI, with investors driving its stock price up by 46% and boosting its enterprise value by $87 billion. This positive trend is linked to heightened interest in AI products in China, alongside Alibaba's own advancements, including their LLMs outperforming rivals like OpenAI. Under the guidance of CEO Eddie Wu and others, Alibaba is focusing on enhancing its cloud operations and core sales activities while investing heavily in AI as part of a broader strategy to recover from prior setbacks due to regulatory pressures and pandemic-related consumer spending dips.
As a result, its enterprise value increased by nearly $87 billion, Bloomberg writes.
Experts attribute this uptick to the growing interest in AI developments currently gaining traction in China.
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