🚨 ALIBABA PROFIT DROPS AS AI SPENDING RISES. Alibaba reported an 18% drop in annual net profit. The company said weak consumer demand and heavy investment in artificial intelligence cut into its earnings. It posted 105.9 billion yuan in profit for the year ending March 31, down from 129.5 billion yuan the year before. Leaders at the firm said they will keep investing in AI as competition grows in China’s tech sector.
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