Alibaba’s profit fell 75% as quarterly AI spending hit $10bn

Alibaba’s net profit fell 75% in the June quarter, to $1.54bn. The cause was not a weak business. It was the bill for building one. Capital spending reached $9.98bn in three months, up 75% on the same quarter last year, according to the results announcement. In the same accounts, the cloud unit that spending pays […]
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