Earlier on Friday, the Chinese e-commerce technology giant said it planned to invest more in AI but refrained from specifying the amount until later. The intervention can be viewed as striving to put Alibaba firmly at the forefront of the race for AI in China, where competition is fierce among technology companies. For the December quarter ending on 31st, Alibaba recorded a revenue of 280.15 billion yuan, slightly more than what analysts had expected. Year to date, the stock has gained more than 68%, reflecting fresh confidence from investors in the growth strategy driven by AI.