15 AI News Investors Should Not Miss

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6. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 91

Branded under the name Alibaba, Alibaba Group Holding Limited (NYSE:BABA) is a Chinese multinational technology company that initially began as an ecommerce operator but has slowly expanded into industries such as fintech, cloud computing, logistics, entertainment, and local services. The company leverages artificial intelligence in its business operations, including its virtual assistant AliMe and advanced AI algorithms, to analyze customer data and enhance personalization.

On Wednesday, Alibaba Group Holding Limited (NYSE:BABA) launched an updated version of its artificial intelligence-powered translation tool. According to the company, it is “better than products offered by Google, DeepL, and ChatGPT”. This is based on an assessment by Alibaba International’s new model, Marco MT, by translation benchmark framework Flores. The translation tool is based on Alibaba’s own model called Qwen, and supports 15 languages. The AI translation product by Alibaba’s fast-growing international unit was released a year ago and already has around 500,000 merchant users.

Speaking with Annabelle Droulers on “Bloomberg: the China Show”, Alibaba International VP noted how translation is the bread and butter of their global e-commerce operations since one has to translate their product listing into different languages if they want to build a global operation.

“We just updated our translation infrastructure with large language model. Previously, it was based on the original generation or previous generation of machine learning algorithms, but now we have completely revamped it based on our own language model and we’re happy to report that we are actually achieving over performance”.

Alibaba’s international business, including platforms such as AliExpress and Lazada, reported sales growth of 32% in the quarter ended June. On Tuesday, October 15, Barclay’s analyst Jiong Shao maintained the stock at “Overweight” and raised the price target to $137 from $107. The firm expects Alibaba to deliver “broadly in-line” Q3 results.

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