What's Going On With Alibaba Stock Monday?

Alibaba Group Holding Limited BABA hit headlines for its artificial intelligence endeavors amid U.S. technology sanctions on China.

The e-commerce group's fintech affiliate Ant Group won the Chinese government approval to launch products powered by its "Bailing" AI large language model to the public, Reuters cites a spokesperson for the Chinese firm. 

Last week, Alibaba co-founder Joe Tsai flagged Alibaba Cloud's role in the operations of Chinese tech firms in his first public speech as chairman. 

Also Read: Alibaba, Tencent And Ant Invest $342 Million in AI Startup Zhipu, Eyeing Rivalry with Microsoft's OpenAI

He revealed that 80% of China's tech companies and half of the large AI language model companies operate on Alibaba Cloud. 

At the Apsara conference, Alibaba Cloud showcased Tongyi Qianwen 2.0, the latest version of its AI large language model that can train AI applications like chatbots. 

Also, last week, reports indicated that Chinese scientists, in collaboration with China's Semiconductor Manufacturing International Corp, have developed a new chip that outperforms Nvidia Corp NVDA chips.

China requires companies to submit security assessments and receive clearance before releasing AI products to the public.

In September, Ant launched a finance-specific AI model and started testing consumer and professional apps for the products.

Price Action: BABA shares are trading higher by 1.55% at $86.63 premarket on the last check Thursday.