What's Going On With Alibaba Stock Friday?

This week, Alibaba Group Holding Limited BABA hit the headlines for its artificial intelligence offerings amid its organizational restructuring initiatives and a resurgence in the Chinese regulatory crackdown on smartphones.

Alibaba Cloud showcased two large language models (LLMs), more superficial forms of Tongyi Qianwen.

Also Read: Alibaba Launches Open-Source LLM Models, China Strikes On Smartphone Consumption

Qwen-7B and Qwen-7B-Chat, both open-source models, SCMP reports.

Qwen-7B-Chat is a fine-tuned version of Qwen-7B capable of conducting human-like conversations.

Open-sourcing LLMs is part of Alibaba's broader efforts to democratize AI technology and offer support for LLM start-ups.

As Alibaba's cloud unit prepares to spin off from its parent in 2024 toward public listing, it has been aggressively building on its generative AI portfolio amid the global frenzy around ChatGPT.

Alibaba's cloud revenue in the March quarter contributed 9% of the group's total revenues.

Meanwhile, Alibaba's logistic arm Cainiao Network launched its half-day express delivery service in eight major Chinese cities, including Shanghai, Hangzhou, and Shenzhen, to boost domestic consumption.

The company launched the Cainiao Express service in collaboration with the group's Tmall Supermarket and also covers Guangzhou, Dongguan, Foshan, and Huizhou in southern Guangdong province and Chengdu in southwestern Sichuan province.

In May, Cainiao shared plans to pursue an initial public offering in the next 12 to 18 months.

Cainiao's revenue accounted for 7% of Alibaba's revenue during the March quarter.

Price Action: BABA shares are trading lower by 0.26% at $97.33 premarket on the last chek Friday.

Photo by Fooksou Lamimo via Wikimedia Commons