Big news in the tech sphere! Alibaba Chairman Joe Tsai announced on Thursday that Alibaba is teaming up with Apple to integrate advanced AI features into iPhones sold in the Chinese market. This exciting partnership sent Alibaba's Hong Kong-listed shares soaring over 9%, reaching a three-year high of HK$124.3 (about $15.96). 📈✨
Speaking at the World Governments Summit in Dubai, Tsai stated, \"They talked to a number of companies in China. In the end, they chose to do business with us. They want to use our AI to power their phones. We feel extremely honored to do business with a great company like Apple.\" 🤝
This collaboration comes at a crucial time for Apple, which has been facing declining iPhone sales in China amidst fierce competition from domestic rivals like Huawei. 📉
Industry analysts highlight that the lack of advanced AI features has been a significant drawback for Apple in the latest smartphone generation, affecting its standing in the Chinese market.
In 2024, Apple experienced a notable setback in China, losing its position as the leading smartphone vendor. According to market research firm Canalys, Apple's annual shipments in China fell by 17%, allowing domestic manufacturers to surge ahead. Vivo captured the largest market share at 17%, while Huawei secured second place at 16%, pushing Apple to third place with 15% of the market. 📊
Meanwhile, Alibaba has become a favorite among investors in the AI sector early in 2025, with its stock price rising over 40% this year. In late January, Alibaba released the latest version of its Qwen 2.5 AI model, boasting functionality that surpasses DeepSeek-V3, which gained attention earlier this year for its impressive capabilities and affordability. 🚀
Reference(s):
cgtn.com
