Alibaba shares surge 8% in New York as firm accelerates pivot to AI

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Shares of Alibaba Group Holding jumped 8.2 per cent to close at US$145.81 in New York on Wednesday local time, as the firm ramps up its commitment to artificial intelligence.The company, which is also listed in Hong Kong, disclosed on Wednesday after markets closed that revenues from its AI-related products had hit 8.97 billion yuan (US$1.3 billion) in the first quarter, and that the segment had registered triple-digit growth for an 11th consecutive quarter.It expected its annualised recurring...