Alibaba's AI deal with Apple lifts Hong Kong shares by most in over 4 months
tied up with Apple to develop artificial intelligence (AI) features for iPhones.
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The shares advanced 7.2 per cent to HK$112.40 on Wednesday, on course for its best one-day performance since September 30. Its American depositary receipts added 1.3 per cent to US$112.78 in New York overnight.
The run-up came after the Post reported on Tuesday that Alibaba struck a deal with Apple to help the US company apply AI technologies to its smartphones in China through the Qwen AI model, citing sources. US tech industry publication The Information first reported the news.
Alibaba, which owns the Post, and Apple did not respond to requests for comment. While the details of the deal remain unknown, the partnership may help Apple to take on Chinese smartphone rivals such as Huawei Technologies and Oppo on the mainland where its Apple Intelligence AI capability is currently not available to iPhone users.
01:20
China's Alibaba releases new AI model, said to outperform competitors Deepseek and OpenAI's GPT-4o
China's Alibaba releases new AI model, said to outperform competitors Deepseek and OpenAI's GPT-4o
Alibaba 's Qwen AI model powers the world's top 10 open-source large language models, according to collaborative machine-learning platform and community Hugging Face
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