Chinese tech giant Alibaba’s (NYSE:BABA) Cloud unit unveiled its ChatGPT-like artificial intelligence (AI) model, called Tongyi Qianwen, during the 2023 Alibaba Cloud Summit held on Tuesday. Tongyi Qianwen, which has Chinese and English language capabilities, will initially be deployed on DingTalk, Alibaba’s workplace messaging app, and Tmall Genie, a provider of IoT-enabled smart home appliances.
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The company believes that Tongyi Qianwen-powered DingTalk will make workplace communications more efficient, thanks to its capabilities like summarizing meeting notes, writing emails, and many more. Meanwhile, the Tongyi Qianwen-powered Tmall Genie boasts various capabilities, like providing healthy diet recipes, travel tips, and even developing and narrating stories to children.
Tongyi Qianwen is now available for general enterprise customers in China for beta testing. Alibaba Cloud’s clients can gain access to Tongyi Qianwen on the cloud and build customized large language models (LLMs) based on their specific business needs. The company expects its new model to be integrated across its various businesses to enhance user experience.
“We are at a technological watershed moment driven by generative AI and cloud computing, and businesses across all sectors have started to embrace intelligence transformation to stay ahead of the game,” said Alibaba’s CEO Daniel Zhang. He also heads Alibaba Cloud Intelligence.
Aside from Alibaba, several other tech giants are aggressively focusing on generative AI technologies since Microsoft (MSFT)-backed OpenAI’s ChatGPT was released last year and garnered a lot of interest. Leading online search engine provider Baidu (BIDU) has launched its Ernie Bot chatbot. On Monday, China’s AI specialist company SenseTime introduced its AI-powered chatbot called SenseChat and other AI products.
Is BABA a Good Stock to Buy?
Wall Street’s Strong Buy consensus rating for Alibaba stock is backed by 18 unanimous Buys. The average price target of $150.39 suggests 48.1% upside from current levels. Shares have advanced over 15% year-to-date.
