Speaking at the JP Morgan Global China Summit 2024, BABA-SW (09988.HK) +1.750 (+2.336%) Short selling $132.58M; Ratio 2.353% Chairman Joseph Tsai said the first thing shareholders can anticipate is that Alibaba's management has a crystal clear strategic focus, immensely focusing on its core businesses and how it creates value and serves its customers.
The management communicated internally to its employees its business focuses, which are on its two core businesses, namely e-commerce and the cloud. Beyond that, there are other supporting businesses that are strategically pivotal to Alibaba.
Alibaba's major focus is on growth, the Chairman said, adding the group is devoted to technological innovation, which it applies to its core businesses to create value for its customers and ultimately for its shareholders. When one is competing, he has to keep a growth mindset, and this is exactly what Alibaba is adhering to at the moment, said the Chairman.
In his opinion, Alibaba dabbles in AI in three different ways. Firstly and fundamentally, as a technology company and explorer, Alibaba believed that machine intelligence will get smarter and smarter. Secondly, Alibaba has a cloud computing business, being actually one of the very few companies that have both an in-house AI capability and a cloud business. Thirdly, Alibaba's involvement in AI is in a way that allows it to be utilized in many application verticals.
Tsai pointed out that Alibaba is the only company in the Mainland that operates a leading cloud business and is also competitive in AI. The combination of AI and cloud is critical, opined the Chairman.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-03 16:25.)
