What's Going On With Alibaba Stock Thursday?
Portfolio Pulse from Anusuya Lahiri
Alibaba Group Holding Limited's shares are trading higher due to its artificial intelligence collaboration with Meta Platforms Inc. Alibaba Cloud has added Meta's Llama 2 LLM to ModelScope, its open-source platform, which offers over 700 AI models to local developers. Alibaba Cloud has tailored services that would enable Chinese developers to design and build their AI applications faster. Alibaba also proposed to provide funding and other forms of support to these businesses. Meanwhile, Meta Platforms reported second-quarter revenue of $32 billion, up 11% year-over-year.
July 27, 2023 | 1:33 pm
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POSITIVE IMPACT
Alibaba's shares are trading higher due to its AI collaboration with Meta Platforms. The company also proposed to provide funding and support to businesses. However, Alibaba Cloud's revenue decreased by 2% Y/Y.
The collaboration with Meta Platforms and the addition of Llama 2 LLM to Alibaba Cloud's platform is a positive development for Alibaba. This could potentially attract more developers and businesses, leading to increased usage and revenue. However, the decrease in Alibaba Cloud's revenue could have a negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Meta Platforms reported second-quarter revenue of $32 billion, up 11% year-over-year. The company's Llama 2 LLM has been added to Alibaba Cloud's platform.
The increase in Meta Platforms' revenue and the addition of its Llama 2 LLM to Alibaba Cloud's platform are positive developments for the company. This could potentially lead to increased usage and revenue.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80