- Alibaba Unveils New AI Models
- Text-to-Video: Alibaba’s New Technology
- Analysts' Views on Alibaba’s Products and Stocks
Alibaba has introduced over 100 new open-source AI models and a new text-to-video technology.
Alibaba Unveils New AI Models
Alibaba unveiled the models at its cloud segment’s annual flagship event known as the Apsara, which kicked off Thursday. The models are based on Alibaba’s large language model Qwen 2.5, released in May this year. They are designed for various applications including gaming, automobile, and scientific research, in addition to enhanced capabilities in math and coding, and support for over 29 languages. Just like their US counterparts, Chinese tech companies have been heavily investing in AI systems to develop innovative products and stay ahead of the competition.
Text-to-Video: Alibaba’s New Technology
Besides the open-source models, Alibaba also showcased a new text-to-video model as part of its Tongyi Wanxiang image generation family. The model allows users to input text prompts and create videos, putting the company in direct competition with the likes of OpenAI. Last month, ByteDance also launched its text-to-video app, known as Jimeng AI, on Apple’s App Store for Chinese users.
Analysts' Views on Alibaba’s Products and Stocks
Alibaba’s stock gained on Thursday following the announcement of new products. Despite a rough start to 2024, Alibaba shares have recently been trending higher, rising over 22% since June. Analysts at S&P Global Market Intelligence have recommended a Strong Buy for the stock, while financial services firm Jefferies rated it as Buy with a target price of $116. Jefferies analyst Thomas Chong commented that Alibaba has multiple growth drivers in the years ahead, thanks to its strong market position and technological capabilities in cloud computing and retail digitalization.
The released innovative models and technologies highlight Alibaba’s ambition to lead in the AI sector, strengthening its position as one of the leading cloud service providers in China. The company's stock shows a steady growth, indicating market confidence in its future development.
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