Alibaba’s Shares Soar After Investors Buy iPhone AI Hopes
- It rises 8% after the Information reported headway in talks
- Apple is trying to secure a local partner to provide iPhone AI
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Alibaba Group Holding Ltd.’s stock surged as much as 8.6% after The Information reported that Apple Inc. is working with the e-commerce pioneer to roll out artificial intelligence features in China.
The stock climbed its most since September after the tech outlet, citing one unidentified source, said Apple and Alibaba have submitted AI features for approval to China’s cyberspace regulator. Baidu Inc., long considered a rival candidate, slid almost 3% in Hong Kong.