Alibaba Profit Dives 75% After AI Spending Hits $10 Billion

Published on August 20, 2026

Alibaba Group Holding Ltd.’s profit plunged more than 75% after the Chinese company ratcheted up quarterly capital spending to almost $10 billion, aiming to safeguard its position in a fiercely competitive global AI arena.

Continue reading on website
Other news

$6M 'Gift' Prompts Advisor Concern Over Forbes Rankings

August 20, 2026
Randall Lane's undisclosed $6 million payment from Shook Research's founder has left some advisors worried about the credibility of wealth advisor rankings going forward.

Meta’s Trial Adds a Trillion-Dollar Risk to Its Struggling Stock

August 20, 2026
Shares of Meta Platforms Inc. have been under pressure all year due to questions about its spending on artificial intelligence. But a trial accusing its social media platforms of targeting children goes beyond that, raising existential questions about the future of its core business.