Alibaba reports 9% rise in quarterly revenue
Alibaba Group reported a 9% rise in quarterly revenue, reaching 268.95 billion yuan ($40.02 billion), driven by strong demand for AI services and an extended shopping festival. The company's AI cloud revenue surged 45% to 48.44 billion yuan, while capital expenditures rose 75% to 67.68 billion yuan as Alibaba invests in AI infrastructure. This growth positions AI as a key driver for future expansion.