Alibaba’s (NYSE:BABA) Ant Group has received regulatory approval in China for the public rollout of its products that utilize Ant’s Bailing large language model, according to Reuters. Companies require clearance before releasing AI products to consumers in China.
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Alibaba has been making significant moves to stay ahead in the global AI race. Recently, the company introduced a new AI chip that promises a 30% lower latency and introduced an upgraded version of its Tongyi Qianwen AI model.
Globally, tech giants are jumping onto the AI bandwagon. Baidu (NASDAQ:BIDU) is pitting its Ernie 4.0 AI chatbot as a direct competitor to OpenAI’s ChatGPT 4 model. Meanwhile, Elon Musk’s less-than-five-month-old AI company, xAI, has introduced the prototype of its generative AI-based chatbot called Grok. Importantly, the real-time accessibility of information on X makes Grok a key AI contender to keep an eye on.
Separately, Alibaba is scheduled to report second-quarter results on November 16. Analysts expect the company to generate an EPS of $2.10 on revenue of $30.76 billion for the quarter. In the comparable year-ago quarter, the tech giant’s EPS of $1.77 had comfortably landed past estimates by $0.13.
What Is the Target Price for BABA?
Overall, the Street has a Strong Buy consensus rating on Alibaba. The average BABA price target of $140.20 implies a significant 64.3% potential upside.
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