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00:02Alibaba reported a 75% drop in June quarter profit as higher artificial intelligence spending weighed on results, according to
00:11CNBC.
00:11Capital expenditure jumped 75% to $10 billion, driven by customer purchase timing, increased CPU compute capacity, and higher chip
00:21component prices.
00:22Revenue rose 9% to $268.95 billion Chinese yuan, slightly above expectations.
00:29Alibaba's cloud revenue increased 45% to $48.4 billion yuan as the company continued investing in AI infrastructure and
00:37products.
00:38AI-related product revenue posted triple-digit growth for the 12th consecutive quarter.
00:44CEO Eddie Wu said,
00:46Alibaba's full-stack AI strategy positions the company to benefit from rising demand for artificial intelligence and computing.
00:53Alibaba recently introduced new Quen AI models aimed at advanced tasks and consumer hardware.
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