Alibaba Cloud Unveils New AI Tools and Language Models to Empower Global Developers

On Tuesday, Alibaba Group Holding BABA cloud unit launched an expanded suite of its Tongyi Qianwen family of large language models (LLMs) and development tools for global developers.

Alibaba Cloud launched an expanded suite of LLMs and artificial intelligence development tools at its annual developer summit in Indonesia on January 21, SCMP reports.

In December, Alibaba Cloud shared plans to collaborate to develop AI and cloud-computing solutions for global businesses.

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In 2024, Alibaba Cloud closed its data centers in Australia and India as it prioritized operations in other markets.

Alibaba’s Cloud Intelligence Group fiscal second-quarter 2024 revenue grew by 7% to $4.22 billion on top of consolidated revenue of $33.70 billion, topping the analyst estimate of $33.47 billion. Adjusted earnings per ADS of $2.15 missed the consensus estimate of $2.26. 

U.S.-listed Chinese stocks, including Alibaba, Baidu, Inc BIDU, JD.com, Inc JD, PDD Holdings Inc PDD, NIO Inc NIO, Li Auto Inc LI, and XPeng Inc XPEV, and the yuan rose on Tuesday as U.S. President Donald Trump neither targeted China in his inauguration speech nor imposed tariffs as he promised.

Trump declared 25% tariffs on imports from Canada and Mexico on February 1. He also threatened that the U.S. could slap tariffs on China if it does not approve a TikTok deal.

Price Action: BABA stock traded higher by 0.35% at $85.68 at the last check on Wednesday.

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