MW Alibaba's stock gets boost from reported Apple Intelligence partnership
By Steve Goldstein
Shares of Chinese e-commerce giant Alibaba Group Holding Ltd. rose in premarket trade after reports it's partnering with Apple Inc. to roll out artificial-intelligence features for phones sold in China.
The Information and The Wall Street Journal said Apple recently submitted Apple Intelligence features for China, developed with Alibaba, for approval by the country's cyberspace regulator.
Alibaba shares $(BABA)$ rallied 5% in premarket trade, following a Hong Kong session (HK:9988) in which the stock rose 8.5%.
Apple had talks with Alibaba rival Baidu Inc. $(BIDU)$ before their collaboration ran into trouble, the WSJ reported.
Alibaba recently unveiled its own large-language model, Qwen, following the release of the popular DeepSeek chatbot that roiled global financial markets.
Apple shares $(AAPL)$ were little changed. Apple's iPhone faces steep competition in China from rivals including Huawei and Xiaomi.
-Steve Goldstein
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February 12, 2025 06:42 ET (11:42 GMT)
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