Alibaba Reports 38% Surge in AI and Cloud Revenue in China’s Tech Race

China’s Alibaba revealed a surge in growth for its artificial intelligence and cloud businesses, driven by the AI boom, with a 38% increase in revenue from its Cloud Intelligence Group to 41.6 billion yuan ($6.1 billion) in the latest quarter. Despite an overall 3% revenue rise to 243 billion yuan ($36 billion), the company reported a loss from operations of 848 million yuan ($125 million) due to rising expenses from technological investments. Alibaba, with 130,000 employees, aims to invest 380 billion yuan over three years in cloud computing and AI infrastructure. Alibaba announced the integration of its Qwen AI app…