Alibaba shares jump over 4% in premarket trading as AI triggers huge sales in cloud computing business

Chinese e-commerce giant Alibaba Group Holding Ltd’s US-listed shares jumped over 4% on Tuesday as the company reported better than expected results in the second quarter of the ongoing fiscal due to a bumper growth in the sales of its key AI division.

During pre-market trading, Alibaba stock price jumped nearly 4.3% as investors did not seem to bother about a plunge in profitability.