Alibaba profit plunges 75% as AI investment surges

Chinese technology giant Alibaba reported a 75% fall in quarterly profit on Thursday as the company increased spending on artificial intelligence infrastructure, despite strong growth in its AI-related services. Alibaba, which is listed in Hong Kong and the United States, said its profit for the April-June quarter fell to 10.5 billion yuan ($1.6 billion), from 43.1 billion yuan ($6.4 billion)... Details
2026-08-21 09:22:22