Alibaba shares surge 7% in Hong Kong as firm accelerates pivot to AI

Shares of Alibaba Group Holding opened up 7.8 per cent in Hong Kong, after the firm reported strong growth from its artificial intelligence products and ramped up its commitment to the technology. The Chinese tech giant also saw its New York-listed shares surge 8.2 per cent on Wednesday, closing at US$145.81, after it confirmed that revenues from AI-related products had hit 8.97 billion yuan (US$1.3 billion) in the first quarter. The company said the segment had now registered triple-digit...