Alibaba launched Qwen Intelligence, a full-stack AI solution for smartphone manufacturers, at its Apsara Conference. The system is currently in public beta and enables the development of AI-native smartphones without requiring new hardware.
Alibaba’s US-listed shares dropped more than 3% in pre-market trading on September 23. The decline occurred despite the debut of a new high-performance chip and the Qwen platform.
Investors are concerned that heavy capital expenditure for global cloud and AI expansion will negatively impact the company's bottom line.