Alibaba Group Holding Ltd.'s stock soared 10.01% in the pre-market session on Friday, fueled by the company's impressive third-quarter financial results and its aggressive push into artificial intelligence (AI) technologies.
The Chinese e-commerce giant reported better-than-expected revenue growth for the quarter ended December, with its cloud computing division, which houses its AI initiatives, posting a 13% year-over-year increase in revenue – the fastest pace in about two years. This strong performance in the cloud segment, coupled with solid growth in its core e-commerce business, signaled a comeback for Alibaba after years of turbulence and regulatory challenges.
Investors were further buoyed by Alibaba's commitment to investing heavily in AI, with the company's CEO, Eddie Wu, stating that developing Artificial General Intelligence (AGI) is their "primary objective." Wu revealed plans to spend more on AI infrastructure over the next three years than Alibaba did in the past decade, underscoring the company's determination to compete in the rapidly evolving AI landscape.
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