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Alibaba Reports Strong AI Growth Amid Modest Overall Revenue
Alibaba Group (NYSE: BABA) announced its financial results for the quarter ending September 30, revealing a 5% revenue increase to $34.8 billion. However, after accounting for recently disposed businesses, revenue growth rose to 15%. Notably, AI-related product revenue soared by triple digits for the ninth consecutive quarter, with the cloud intelligence segment alone experiencing a 34% growth.
As of November 28, Alibaba shares have increased by approximately 87% this year, although the stock remains 40% lower than five years ago due to ongoing concerns about government interference in China. Its price-to-earnings ratio stands at 21, significantly lower than the average of 41 for the Technology Select Sector SPDR, positioning Alibaba as a potentially attractive investment in the booming AI sector.
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