Alibaba’s AI spending lifts capex 75% as quarterly profit falls 76%

Alibaba reported RMB268.95 billion in revenue for the quarter ended June 30, up 9% year on year, while net income attributable to ordinary shareholders fell 76% to RMB10.54 billion. Capital expenditure rose 75% to RMB67.68 billion, mainly as the company increased investment in AI infrastructure. Alibaba’s June-quarter results also showed operating cash flow of RMB22.95 […]