AI bets pay off: Alibaba posts 5% revenue rise as AI app hits 10 million downloads; cloud business accelerates

Alibaba’s September quarter saw a revenue surge, exceeding expectations, driven by its popular new AI app, Qwen, which garnered over 10 million downloads in its first week. Despite a dip in net profit due to heavy AI investments, the company’s cloud computing revenue also jumped significantly, highlighting its strong push into artificial intelligence and infrastructure.

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