Alibaba Shares Soar 18.5% On Strong AI And E-Commerce Outlook
1. Alibaba shares surged 18.5% in Hong Kong driven by AI growth. 2. Cloud revenue rose 26% to 33.4 billion yuan, exceeding expectations. 3. Net income up 76% to 42.4 billion yuan, aided by equity changes. 4. Taobao app's active users grew 25% year-on-year, enhancing revenue prospects. 5. Profitability dip due to subsidies amidst fierce food delivery competition.