Alibaba AI and cloud revenue jumps

Alibaba Group has reported a 38% surge in AI and cloud revenue as the company invests heavily in its artificial intelligence infrastructure.

Despite the growth in these sectors, the firm reported an overall decline in annual net profit amid intense competition.

The results highlight the company's aggressive pivot toward AI-driven services to maintain its lead in the Chinese market.

Shares in the group jumped over 8% in New York following the earnings release.