Alibaba Group Holding Ltd (NYSE:BABA) saw a stock increase following news of a significant update to its mobile AI app, rebranding it from “Tongyi” to “Qwen,” aligning it more closely with OpenAI’s ChatGPT. This transition aims to enhance in-app shopping experiences on platforms like Taobao. In the first quarter, Alibaba posted revenue of $34.57 billion, exceeding estimates, with its Cloud Intelligence Group revenue rising by 26% to $4.66 billion driven by AI demand. The company’s commitment to AI includes developing a new inference chip to support its $53 billion AI and cloud investment plan. Alibaba is also focusing on creating Qwen as a fully autonomous AI agent. Notably, its Qwen3-Max model excelled in crypto trading and global math contests, outshining competitors like OpenAI. With a user-centric approach, Alibaba plans future monetization of the app. Currently, BABA shares are up 3.21% at $162.98.
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