Why Are Shares Of Alibaba Higher Today?

Shares of Alibaba Group Holding Limited (NASDAQ:BMNR) are trading higher Monday after the e-commerce company announced the number of downloads its new app reached.

What To Know: The Qianwen app, an AI assistant created by Alibaba, reached 10 million downloads within a week of its public beta launch. The app, positioned as a “smart personal assistant that not only chats but gets things done” is only available to users in China.

The app uses conversational AI to deliver advanced capabilities in deep research, AI-assisted coding, AI-powered camera functions and voice calls. The company said it can generate a full research report and automatically produce a polished, multi-slide PowerPoint presentation in seconds.

The Qianwen app is a product of the company’s $53 billion dollar initiative, which focuses on infrastructure for AI and cloud computing, development of foundational models and AI-native applications, and AI integration across existing businesses.

BMNR Price Action: Shares of Alibaba were up 5.16% and trading at $160.83 at the time of publication, according to Benzinga Pro.

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