Alibaba (NYSE:BABA) stock is in the news Friday after the Chinese company showed off two new artificial intelligence (AI) models.
The launch of these new AI models has Alibaba excited as it promises better performance compared to previous offerings. The two new models are named Qwen-VL and Qwen-VL-Chat, and the company claims they have a better understanding to assist users.
According to Alibaba, its new AI models are able to evaluate and understand images. They can also provide users with more in-depth conversations than before. It claims this will allow users to have more “complex interaction” with its AIs.
These two AI models run off of Alibaba’s Tongyi Qianwen, which came out earlier in 2023. Both of the models are open source, which means anyone can use them to create their own AI bots. The benefit is that this doesn’t require extra training of the models.
What This Means for BABA Stock
AI has been a hot topic among traders for the last several months and continues to be a major interest. Experts are predicting major increases in the market as more companies adopt AI. It’s also worth noting that some AI stock rallied yesterday thanks to Nvidia (NASDAQ:NVDA) beating estimates in Q2.
While BABA stock movement only has shares up slightly on Friday, it could see greater gains in the months to come depending on how markets react to its AI products.
Investors looking for more of the latest stock market news today are in luck!
We have all of the stock market coverage that traders need to know about on Friday! That includes what’s causing shares of Digital World Acquisition (NASDAQ:DWAC), Ideanomics (NASDAQ:IDEX), and Netflix (NASDAQ:NFLX) stock on the move today. All of that info is available at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.