Alibaba's AI Revenue Rises by Triple Digits for Ninth Straight Quarter Amid Slowing Growth in Top Line

Alibaba Group reported a 5% increase in revenue to $34.8 billion for Q3, with AI-related product revenue growing by triple digits for a ninth consecutive quarter. The company's cloud intelligence business grew by 34% last quarter. Shares of Alibaba are up around 87% for the year and trade at a price-to-earnings multiple of 21, which is attractive compared to the Technology Select Sector SPDR.