
Alibaba quarterly profit drops 75% as AI investment spending grows
HONG KONG (AP) — China’s technology giant Alibaba on Thursday reported a 75% drop in profit for the latest quarter as it invested big in artificial intelligence infrastructure, even as revenue coming from its AI-related services gained 45%. The Hong Kong- and U. S. -listed company, which started out in e-commerce and online retail but is increasingly focused on AI technologies, said that its profit for April-June was at 10. 5 billion yuan ($1. 6 billion), down from 43. 1 billion yuan ($6...
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