Alibaba showcases AI technology achievements at World Artificial Intelligence Conference in Shanghai. In its fiscal Q2, revenue surpasses estimates at 247.8 billion Chinese yuan, up 5% YoY. Cloud computing revenue grows by 34% to 39.8 billion yuan, fueled by AI demand. EBITA for cloud division rises by 35% to 3.6 billion yuan. Qwen app surpasses 10 million downloads in first week. Alibaba to increase AI spending.

Read more at CNBC: Alibaba shares rise as AI drives cloud sales jump