Why Shares of Alibaba Are Rising Today

Shares of the large Chinese tech conglomerate Alibaba Group (NYSE: BABA) traded more than 4.5% higher in the final hour of trading today, as the company rolled out its version of the generative artificial intelligence technology ChatGPT.

Founded by the company OpenAI, ChatGPT is a chatbot that can gather information and form human-like responses to questions. The AI technology can also create a variety of different content with accuracy and creativity not yet previously seen. Companies that have rolled out their own version of the technology or announced that they plan to incorporate the technology into their business tend to see their stock prices rise on investor excitement.

Alibaba today released its ChatGPT bot, Tongyi Qianwen, which will be integrated into a digital assistant called Tingwu. Alibaba said Tongyi Qianwen will be able to process video and audio content and then create a text summary of what happened in that content.

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Source Fool.com