Alibaba Stock Skyrockets in Hong Kong
Reading Time: 2 minutes
On Friday, Alibaba released its quarterly numbers, which, while slightly underperforming in revenue expectations, were buoyed by strong signals from its cloud and AI business. Today, the Hong Kong-traded shares surged nearly 19% – one of the strongest movements in recent years. AI boom drives cloud business The trigger was the strong growth of the cloud division, closely tied to the global AI boom. Particularly, the demand for AI products provided a boost to the company and resulted in noticeable additional revenue. Revenue development in...
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