Alibaba Unveils AI Chip to Rival Nvidia

Alibaba reported $34.5B in revenue and unveiled a new AI inference chip built in China to reduce reliance on foreign tech. E-commerce surged with Taobao Instant Commerce, cloud AI products posted triple-digit growth for the eighth straight quarter, and shares jumped over 5%. With $53B committed to AI and cloud, Alibaba is betting its future on consumption and next-gen tech