We recently published a list of 10 AI News Updates Making Waves on Wall Street. In this article, we are going to take a look at where Alibaba Group Holding Limited (NYSE:BABA) stands against other AI news stocks making waves on Wall Street.
OpenAI has recently said that it has removed accounts of users from China and North Korea, who the company believes were using technology for malicious purposes. These include surveillance and opinion-influence operations, it said.
In the report, the company said that several accounts were using ChatGPT to write sales pitches and debug code for a suspected social media surveillance tool. In particular, they were using the technology to advertise and augment an AI assistant capable of collecting real-time data and reports about anti-China protests in the US, UK, and other Western countries.
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Using AI tools to detect the operations, OpenAI said that authoritarian regimes use these activities and tactics. While the exact number of accounts that have been banned hasn’t been revealed, it said that in one instance, users used ChatGPT to generate news articles in Spanish, denigrating the United States. Mainstream news outlets in Latin America published these under a Chinese company’s byline.
Other instances involved using ChatGPT technology to generate resumes and online profiles for made-up job applicants, to fraudulently get jobs at Western companies. These findings come at a time when China has been seen advancing in AI by using American technology.
“This is a pretty troubling glimpse into the way one non-democratic actor tried to use democratic or US-based AI for non-democratic purposes, according to the materials they were generating themselves,”
– Ben Nimmo, OpenAI’s principal investigator on the company’s intelligence and investigations team.
Nimmo further stated that OpenAI has published such cases to shed light on how “authoritarian regimes may try to leverage US-built AI, democratic AI, against the US and allied countries, as well as their own people.”
In recent months, the company has been warning politicians in the US about the potentially growing economic and national security threats coming from Chinese-built artificial intelligence.
For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds. The hedge fund data is as of Q4 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
An e-commerce platform displaying a wide range of products to customers online.
Alibaba Group Holding Limited (NYSE:BABA)
Number of Hedge Fund Holders: 107
Alibaba Group Holding Limited (NYSE:BABA) is an internet giant that offers e-commerce services in China and internationally. On February 24, the South China Morning Post reported that Alibaba will be investing at least 380 billion yuan (US$52.4 billion) in its cloud computing and artificial intelligence (AI) infrastructure over the next three years. The company wants to “advance its cloud computing and AI infrastructure”, a company statement said.
The investment, demonstrating Alibaba’s commitment to AI, will be in China’s largest-ever computing project financed by a single private business. According to the company, the plans underscore its “focus on AI-driven growth and its role as a leading global cloud provider”.
Overall, BABA ranks 6th on our list of AI news stocks making waves on Wall Street. While we acknowledge the potential of BABA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BABA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
