Chinese e-commerce juggernaut Alibaba Group Holding’s (NYSE:BABA) flagship annual Apsara Conference became an essential platform for the country’s AI start-ups to showcase their accomplishments and more.

Now in its 16th year, the Apsara Conference was estimated to attract more than 280 companies and an audience of over 90,000, SCMP cited Liu Jie, Hangzhou’s communist party secretary.

The event reflects Alibaba’s initiatives to accomplish its AI ambitions despite the U.S. advanced technology sanctions, which have restricted its access to sophisticated Nvidia Corp (NASDAQ:NVDA) AI chips.

Also Read: Alibaba and Chinese Tech Stocks Surge After Central Bank Eases Lending Requirements

Alibaba remains aggressively invested in its self-developed Tongyi Qianwen LLM family and has emerged as an investor in all four of China’s “AI tigers”—Moonshot AI, Baichuan AI, Zhipu AI, and MiniMax.

Moonshot AI set up a booth at the Apsara exhibition area to showcase its Kimi AI chatbot. The 01.AI start-up founded by computer scientist Lee Kai-fu bagged Alibaba’s help. Motiff, a Beijing-based start-up, emerged as a first-time participant at the Apsara Conference this year.

Alibaba Cloud revealed several case studies showcasing its role in AI empowerment, including a partnership with electric vehicle maker XPeng Inc (NYSE:XPEV) to enhance the smart cockpit experience.

Apsara also allowed foreign companies like Nvidia to showcase their offerings for China’s AI industry.

Earlier this week, Alibaba tapped Nvidia to boost the autonomous driving experience for Chinese smart vehicle owners like Li Auto Inc (NYSE:LI).

Alibaba, considered the tech barometer for China, has increased over 11% in the last 12 months as the U.S. and China key rate cuts posed tailwinds for the economies. Investors can gain exposure to Alibaba through the Goldman Sachs Hedge Industry VIP ETF (NYSE:GVIP) and the JPMorgan U.S. Tech Leaders ETF (NASDAQ:JTEK).

Price Action: BABA stock closed higher by 7.88% at $97.19 on Tuesday.

Also Read:

• China’s YMTC Makes Strides in Chip Production; Substitutes ASML, Lam Research Tech As US Sanctions Bite: Report

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This article Nvidia, XPeng Join Alibaba's Apsara Conference to Showcase AI Tech Advancements originally appeared on Benzinga.com

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