Alibaba Group Holding Limited (NYSE:BABA) stock is trading higher on Monday despite intensifying domestic competition in artificial intelligence after battling similar rivalry in e-commerce amid the economic slowdown.
Alibaba Chairman Joe Tsai recently highlighted the potential of the Asian region, citing its diversified culture, dynamic people, people working on new technologies, and high levels of education at a discussion organized by the Asia Society in New York.
Tsai, 59, spoke on “Leadership in a Fragmenting World” alongside Morris Chang, the 92-year-old founding chairman of Taiwan Semiconductor Manufacturing Company Ltd (NYSE:TSM), Forbes reports.
While Chang lauded the excellence of higher education in the U.S., he also flagged the repercussions of its growing competition from China.
Tsai highlighted the repercussions of the geopolitical tensions over national and digital security, leading to the decoupling of global supply chains. Therefore, he emphasized the need for businesses from both the U.S. and China to communicate with each other to prevent misunderstanding.
Tencent Holding Ltd (OTC:TCEHY) became the latest Chinese firm to consolidate its position in AI by integrating its AI model into scores of products and services after Alibaba and Baidu, Inc (NASDAQ:BIDU).
The video gaming giant acknowledged service improvements in its Hunyuan large language model (LLM), including the conferencing app Tencent Meeting and web-based word processor Tencent Docs, online advertising business, and WeChat search, SCMP reports.
Clients from a variety of fields have already leveraged the Hunyuan model. Engineers at the company tapped Hunyuan, trained with 32 major programming languages and a plethora of technical books and blogs, to assist with day-to-day coding and debugging.
Price Action: BABA shares traded higher by 1.24% at $83.85 premarket on the last check Monday.
