10 AI Stocks Taking Wall Street by Storm

2. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 115

Alibaba Group Holding Limited (NYSE:BABA) is an online retailer that leverages AI in its e-commerce business. On December 8, it was announced that Alibaba is driving AI enhancements across different industries in Asia. Alibaba Cloud’s robust “Cloud + AI” development strategy has enabled it to achieve substantial growth in external client revenue. The growth includes double-digit increases in public cloud services and notable triple-digit growth in AI-related product revenue for the fifth consecutive quarter, as per the latest September quarter earnings. Collaborations with companies such as Japan’s Lightblue, Malaysia’s Pictureworks, Singapore’s Atlas, and China’s Drunk Elephant demonstrate the diverse applications of Alibaba Cloud’s technologies.

“We are thrilled to witness our robust cloud infrastructure and AI offerings empowering organizations across a diverse range of industries to further drive transformation in 2024 with our partners together. As the leading cloud service provider in Asia, we remain committed to helping our customers enhance their operations and deepen their connections with consumers, while collaborating with our ecosystem partners to unlock the full potential of AI and cloud technologies for businesses of all sizes”.

– Selina Yuan, President of International Business, Alibaba Cloud Intelligence.