Alibaba’s cloud revenue surged 34%, but overall revenue only grew 5% with a 52% profit drop due to price wars in China’s e-commerce. The company is heavily investing in AI, with CEO Eddie Wu crediting AI for revenue growth. Alibaba’s Hong Kong shares rose 2% on the news. Other Chinese tech giants like Tencent and Baidu reported mixed earnings in AI, raising concerns of an AI bubble among investors.

Read more at Yahoo Finance: Alibaba’s cloud business revenue soars 34% driven by AI boom