Alibaba Stock Soars: New AI Initiative Drives Price to Multi-Year High
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On Wednesday, September 24, Alibaba shares made headlines as they climbed to their highest level since 2021. The trigger was a series of ambitious announcements from the company: additional billions in investments in artificial intelligence, the introduction of a new language model with over a trillion parameters, and a strategic realignment in which AI is set to become a core pillar alongside the core business. Massive investment and expansion plans In February, Alibaba announced that it planned to invest at least 380 billion CNY (around $53...
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