Overview
- Qwen surpassed 10 million downloads within a week of its relaunch, lifting Alibaba’s Hong Kong shares roughly 4%–5%.
- Alibaba consolidated prior AI apps under the Qwen brand and plans agentic shopping and lifestyle integrations across Taobao, including maps, food delivery and travel booking.
- Fiscal Q2 revenue reached 247.8 billion yuan, beating estimates, as Cloud Intelligence revenue rose to 39.8 billion yuan with AI product sales growing at triple-digit rates for a ninth straight quarter.
- The company disclosed about 120 billion yuan of AI and cloud capital spending over the past four quarters within a three‑year plan totaling 380 billion yuan.
- Profitability declined as Alibaba invested in instant commerce, with management citing improved unit economics and Taobao user growth, and competition intensified as Ant Group’s LingGuang topped 1 million downloads in four days.