Alibaba and Baidu shares jump in Hong Kong on Apple AI partnership
Chinese technology company Baidu, known for its search engine, also operates cloud, mapping and other internet-based services.
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Shares of Chinese tech giants Alibaba and Baidu rose on Thursday with their partnership Apple To deploy AI tools.
Shares listed in Hong Kong Alibaba’s It rose 5% after the company confirmed that its Qwen AI model would be integrated into Apple services in China.
Alibaba’s US-listed shares closed slightly higher overnight after an Alibaba spokesperson told CNBC that “Qwen will be integrated into Apple Intelligence experiences within iOS, iPadOS, macOS and Vision OS for users in China.”
Alibaba HK shares
baiduThe company’s Hong Kong-listed shares gained 4% after the company confirmed it was working with Apple on Apple Intelligence features for iPhones in China.
This came amid reports in late June that AI chip unit Kunlunxin was targeting an initial public offering valuing its subsidiary at $50 billion.
Cyberspace Administration of China in a notification On Wednesday, Apple Intelligence, as well as six other smartphone-based AI services, including Huawei Technologies, were included in the list of approved service providers.
The Alibaba spokesperson added that the Apple-Qwen combination will allow users to access the model’s “features such as text and image understanding and creation without the need to switch between tools.”
Apple did not immediately respond to CNBC’s request for comment.
Baidu hk shares
The technological competition between China and the United States has intensified as they race for artificial intelligence dominance. While the United States has sought to restrict China’s ability to access high-tech chips, Beijing has sought to wall off U.S. investments in Chinese technology companies.
“AI leadership becomes central to economic competitiveness, global standard-setting, and sustaining democratic governance.” report by research organization RAND.
— CNBC’s Evelyn Cheng, Joseph Wilkins and Kai Nicol-Schwarz contributed to this report.
