Alibaba plans major AI investment as revenues rebound in third quarter

Alibaba on Thursday flagged plans to invest more in its “core businesses” of e-commerce and AI-powered cloud computing after reporting third-quarter revenues just above analysts’ estimates on strong year-end sales.

US-listed shares of the company were up 11 per cent in early morning trading.

Chief executive Eddie Wu, speaking to analysts, said AI was “the kind of opportunity for industry transformation that only comes around only once every few decades.”