Alibaba is set to relaunch its mobile AI app, renaming “Tongyi” to “Qwen” to enhance brand alignment with its AI model and compete with ChatGPT. The revamped app will integrate AI shopping features with Taobao and other e-commerce platforms, leveraging Alibaba’s retail ecosystem. Despite trailing competitors like Tencent and ByteDance in user numbers, Alibaba aims to remain free initially to build a robust user base before monetizing. This strategy marks a shift in China’s AI market, where most revenue comes from business. Recently, Cathie Wood’s ARK Invest acquired $26.2 million in Alibaba shares while simultaneously selling its Reddit position. Analysts remain optimistic about Alibaba, reflected in the Strong Buy consensus rating. The upcoming Qwen app launch could capitalize on the growing interest in AI, contributing to potential stock growth and user engagement. Investors await insights into user adoption and revenue potential during Alibaba’s forthcoming financial report.
Source link
